Answer:
A). The demand curve looked by the flawlessly serious firms are splendidly versatile this is a result of the items selling in the ideal rivalry. The items are indistinguishable so no firm has power over the market cost, in the event that one firm builds the cost of the item the purchasers will quickly move to the result of different firms on the grounds that the items are indistinguishable. No firm has the motivator lessen the cost of their item. So the interest bend would be a level straight line corresponding to the X pivot, this demonstrates the interest is splendidly versatile. A cost increment will bring the amount requested to zero.
B). The monopolists is just the single vendor in the market, so he can charge any value he needs, yet the amount requested will be relied on the value he charges. For instance in the event that he charges a significant expense the amount demanded will be very less and the other way around. So the monopolist is capable sell more at lower costs just, the descending inclining request bend shows the negative connection between the cost and the amount requested.
C). In the ideal rivalry there is consummately flexible interest so the MR curve is likewise the interest curve of the firm. For the monopolist the MR curve lies underneath the interest curve, as the costs go bring down the MR decreases.
Answer:
the same quantity of output as a perfectly competitive market. If anything is wrong let me know since I'm new to answering questions
Explanation:
Answer:
. A good whose demand decreases when income decreases
Explanation:
A normal good is a product whose demand increases as consumers' income increases. The demand may also increase as economic conditions in the country improve. Similarly, when income decrease, the demand also declines.
As people income increase, the purchasing power increase. They prefer more costly goods than give them more satisfaction. Increased income tends to make consumers abandon goods that offer less utility. Normal goods tend to be associated with customers in high-income.
Opportunity cost is the loss due to forgoing one opportunity to select another one alternative.
In this case, the forgone alternative is the full-time employment and other expenses for the term when the alternative chosen is to be in school. In this case, room and board expenses remain the same whether in school or working full time and thus not considered. The part-time amount earned while at school is subtracted as it would be compensated be during full time employment.
Therefore;
Opportunity cost = $20,000+$10,000+$1,000-$8,000 = $23,000
