Answer:
The correct option is C
Explanation:
The diminishing marginal utility law, is the law which states all else being equal as there is rise in consumption, the marginal utility rises of every extra or additional unit decrease .
And the marginal utility is the described or stated as the utility which changes or varies when an additional unit is consumed.
So, the law states or insures that the curve of the total utility will increase at the decreasing rate, as there will be more consumption at the decreasing rate.
Monopoly (mp) and perfect competition (pc) are the two completely opposite market structures. the market structures that fall between these two extremes are generally called <u>imperfectly competitive markets</u>.
Imperfect competition is a competitive market state of affairs where there are many dealers, however they may be selling heterogeneous (diverse) items instead of the correct aggressive marketplace state of affairs. as the name indicates, competitive markets are imperfect in nature.
Imperfect opposition regularly exists because of extremely excessive obstacles to entry for new suppliers. As an example, the airline industry has high barriers to entry due to the extraordinarily high cost of aircraft.
Imperfect markets are characterized by means of having competition for marketplace share, excessive boundaries to access and go out, exceptional products and services, and a small wide variety of customers and sellers. best markets are theoretical and can't exist inside the actual international; all real-world markets are imperfect markets.
Learn more about Imperfect competition here: brainly.com/question/15313750
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Answer: D. The equilibrium quantity would increase, and the effect on equilibrium price would be ambiguous.
Explanation: It follows that the quantity of latte produced would increase given that the newly introduced machine reduces the amount labour required and also is more efficient. Therefore more quantities of latter will be produced in short periods. Same thing would occur when it is discovered that the coffee used in producing lattes prevent heart attacks.
In both instances, the equilibrium quantity increases. However, equilibrium price is ambiguous, this is because the discovery that coffee prevents heart attacks would serve to push up prices of latte since suppliers would want to cash in on that, while the use of machines would push price down as a result of mass production.
Answer:
Increase
Explanation:
Consumer surplus means the difference between the highest price a consumer is willing to pay and the actual market price of a product
Producer surplus means the difference between the market price and the lowest price a producer is willing to take for his product.
The addition of the two gives total surplus which is also known as economic surplus.
In economics, market price and quantity of a good are obtained when supply and demand curves intersect. The space before the intersection of the two curves is where the consumer is ready to pay higher than the price which suppliers is ready to a given quantity the good. There is therefore surplus for both of them at the market price.
If the demand curve shifts to the right while the supply curve remains constant, the market price will rise and this will lead to increase both consumer and producer surplus increase. By implication, total surplus will rise since it is the addition of both consumer and producer surplus.
Therefore, total surplus will increase if a bad winter in the mainland United States increases demand for tropical vacations, which shifts the demand curve to the right while the supply curve stays constant.
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