Answer:
Prices drop when other perfectly competitive firms see an opportunity to earn profits and enter the market.
Explanation:
In a perfectly competitive market, firms can freely enter and exit the market in the long run.
Short run is too short for firms to enter or exit. So when the existing firms enjoy profits in the short run, this attracts the potential firms to enter the market in the long run.
As new firms join the market, market supply increases. This causes the market supply curve to shift to the right. The price level falls.
This causes the market share and profits of firms to decline.
Explanation:
I think u can expect to be asked why do u want to work for the company but I am not sure it said u can expect so if u think or know or prepared for the interview u will be prepared of the options c Question because u expect it on the interview. sorry for the uncertainty but I think I gave u a good reason
Answer:
Economist Brown : Perfectly Inelastic (Vertical) Aggregate Supply
Economist Black : Perfectly Elastic (Horizontal) Aggregate Supply
Explanation:
Economy is at equilibrium where : Aggregate Demand = Aggregate Supply.
Aggregate Demand is downward sloping curve, as aggregate demand is inversely related with price. Increase in AD shifts the AD curve rightwards.
Aggregate Supply is usually upward sloping curve, as it is directly related to price. However, as per given special cases by Economists Black & Brown, it is as undermentioned :
- Black : AD increase (rightwards shift) increases only price if - Aggregate Supply is perfectly inelastic i.e non respondent to price & AS curve is vertical.
Real GDP is the total value of goods & services produced by an economy, valued at constant base prices. Increase in real GDP implies increase in production quantity.
- Brown : AD increase (rightwards shift) increases only Real GDP (quantity) if - Aggregate Supply is perfectly elastic (infinitely respondent to price, so prices constant) & AS curve is horizontal.
It is not a function bc -5 repeats 2x
Answer:
A) 40
Explanation:
The chart is not very clear, but the information included is:
- it takes four hours to produce one shirt
- it takes two hours to produce one pair of socks
If the total number of labor hours is 80, then the maximum number of socks produced will = 80 hours / 2 hours per pair of socks = 40 pairs of socks
The total number of shirts produced would be 20.
