Economics Answers

Which statement is incorrect?

A. The quantity that the monopolist produces for sales on the market is

substantially less than that supplied by a perfectly competitive

industry.

B. Monopolists make excess profits in the long run.

C. The price fixed by a monopolist is lower than the price of perfect

competition.

D. A monopoly could utilise economies of scale.

E. Under monopolistic competition, economic profit can be earned in the

short run.

Nash equilibrium can be defined as the competitive outcome where _____

A. all firms set prices equal to average cost and all firms make economic

profit.

B. each firm sets a price equal to marginal cost and each firm makes

economic profit.

C. each firm sets a price higher than marginal cost and each firm makes

economic profit.

D. each firm sets a price lower than marginal cost and each firm makes

economic profit.

E. firms set a price lower than average cost and all firms make economic

profit.

If the price elasticity of demand is 1.6 and a firm increases the price of its

product by 10%, it would expect its total revenue to _____

A. decrease by 16%.

B. increase by 16%.

C. increase by 6%.

D. remain constant.

E. decrease by 6%.

Factors of production _____

A. are normative concepts.

B. are studied primarily in microeconomics.

C. represent the classification of different resources available to an

economy.

D. represent the trade-offs as you move along the demand curve.

E. represent the trade-offs as you move along the isoquant curve.

what Is Accounting?

Explain the main contribution for Irving Fisher, Economist of neo-classical school of Economic Thought and how his contributions have improved the modern day understanding and application of Economics.

( In 400 words)

Explain the main contribution for Alfred Fisher Marshall, Economist of neo-classical school of Economic Thought and how his contributions have improved the modern day understanding and application of Economics.

( In 400 words)

Explain the main contribution for Joseph Schumpeter, Economist of neo-classical school of Economic Thought and how his contributions have improved the modern day understanding and application of Economics.

( In 400 words)

Explain the main contribution for Vilfredo Pareto, Economist of neo-classical school of Economic Thought and how his contributions have improved the modern day understanding and application of Economics.

( In 400 words)

Explain the main contribution for Leo Walrus, Economist of neo-classical school of Economic Thought and how his contributions have improved the modern day understanding and application of Economics.

( In 400 words)