If the price of steel falls, but the equilibrium quantity of steel bought and sold in the market remains the same, what must be the case? There was an increase in demand and a decrease in supply. There was an increase in supply and a decrease in demand. Supply and demand both increased. Supply and demand both decreased.

Q: 12. Which one of the following statements is correct concerning the relationships among the firm's…

A: According to the given question Cost functions relationship in simple words we can say that is the…

Q: Average Fixed Average Average Total Total Product Cost Variable Cost Cost Marginal Cost $ 25.00 1 $…

A: There are many firms in purely competitive market. All the firms produce identical goods so buyers…

Q: If tax is imposed on the buyers, ODemand shift left O Demand shift right O Supply shift left OSupply…

A: At the point when the tax is forced, the value that the purchaser addresses should surpass the cost…

Q: Calculate the resulting change in GDP for each of the following MPCS when the government decreases…

A: reduction in taxes may increases the consumption , and MPC refers the part of income which consumed…

Q: 10 100 200 300 400 500 600 Quantity demanded (per day) (Figure: The Demand for Shirts) Use Figure:…

A: Total revenue is the income received by seller by selling total number of product at level of price…

Q: Marginal product curve, mathematically is the slope of which curve?

A: # Marginal product is referred to be as the change in total inputs used divided by the change in…

Q: Suppose the market shares of Cola-Cola, Pepsi, Anheuser-Busch, Coors, and Miller were 40 percent, 25…

A: # Concentration ratio in a market can be computed by emphasizing on the top 4 big firm's.  We just…

Q: Point A is: (a) Attainable E 13 (b) Not attainable 12 (c) Desirable and attainable Qx (d) Desirable…

A: A production possibilities frontier is the locus of all most extreme yield blends, considering there…

Q: What are the firm's average total costs at an output of 10 pizzas? $12 O $100 $10 $120

A: Average total cost is the per cost of the goods and services so here we can choose the correct…

Q: Year CPI 2017 175 2018 180 Table 1 8. Suppose that the data in the Table 1 above reflect price…

A: here we can choose the correct option by calculating the inflation which are as follow-

Q: In 1626, Dutchman Peter Minuit purchased Manhattan Island from a local Native American tribe.…

A: Here we calculate the future amount by using the formula which are as follow-

Q: 12) A price-taking firm A) cannot influence the price of the product it sells. B) talks to rival…

A: # In a market there can be two possibilities when we talk about firms. Either they can be price…

Q: If the inverse demand function for toasters is p=70-Q. what is the consumer surplus if price is $25?…

A: Consumer surplus occurs when the price consumer pay for the goods and services is less than they…

Q: US imports 260 Personal Taxes 45 Transfer Payments 247 US Exports Personal Consumption Expendi tures…

A: we can calculate the national income by using the above figures as follow-

Q: ncome elasticity of demand is expressed as- Percentage Change in Quantity Demanded Percentage Change…

A: According to the given question Income elasticity of the demand in simple words may be defined as…

Q: The amount collected by the government in the form of interest, fees and dividends is known as a)…

A: The amount collected by the government in the form of the interest, fees and the dividends is known…

Q: Which of the following is correct regarding the shape of total fixed cost curve (TFC) ? (A)…

A: According to the given question Total fixed cost curve in simple words relatively refers to the…

Q: Draw graph well explain 4. Inaneconomy C=50 and MPS 0.5. Draw a diagram showing behaviour of…

A: we can draw the graph and solve the equation as follow-

Q: Write a short note on monopoly market structure

A: A market structure which is characterized by a single seller is known as monopoly market structure.

Q: When a Central Bank takes action to decrease the money supply and increase the interest rate, it is…

A: The central bank is responsible for controlling and regulating the supply of money in an economy by…

Q: Q.11 A producer achieves equilibrium at that level of output where: (a) MC curve intersects MR curve…

A: # With the production of an additional unit, the cost we come across is the marginal cost and…

Q: 20. Contraction of demand is shown by: (a) Upward movement on the demand curve (b) Downward movement…

A: # Demand curve is downward sloping showing the negative relationship between price and demand.

Q: What is the price elasticity of supply, when: (a) Supply curve passes through the origin; (b) Supply…

A: According to the given question a) The price elasticity of supply when the supply curve passes…

Q: 18. Which of the following are most likely to be helped by inflation? People living on a fixed…

A: Inflation is usually defined as an increase in the total price level or the cost of living in a…

Q: True/False When Total revenue is maximum then Marginal revenue is 0

A: The total quantity of goods and services sold is referred to as total revenue.  It's calculated by…

Q: ation below to calculate the following. (Assume that income receipts and unilateral current and…

A: here we can find the answers by using the the table which are as follow-

Q: 5 Why Does the Demand Curve Slope Downwards to the Right?

A: Demand curve is downward sloping because of generally reasons 1) First because of the income effect…

Q: When supply curve is upward sloping, its slope is (a) Positive b) Negative (c) First positive then…

A: Any curve, whether supply or demand, has a slope with value more than 0 (positive) if it is upward…

Q: . Deflation is- (A) A situation of falling prices (B) A situation of rising prices o (C) A situation…

A: According to the given question in simple word we can say that deflation is a generally decrease in…

Q: Question 9: Consider the market for hamburgers in Dallas, where there are over a thousand burger…

A: A change in demand refers to change in the desire of consumers for a good or a service. This may…

Q: When MRS is constant, then this means that Good X and Y are Substitutes. True / False

A: Marginal rate of substitution denotes the slope of the indifference curve and is defined as the rate…

Q: Question 2 Which of the following statements is correct in the case of a four-sector economy? a) G…

A: According to the given question A four sector model is an model which actually includes the…

Q: Find the concentration ratio of the market whereby the top 4 firms share percentage is as :- 30, 28…

A: The measure which in turn depicts the total sales share in the industry and is being accounted for…

Q: Movement along the supply curve is also called: (a) Change in supply (b) Change in quantity supplied…

A: # we can observe two changes in the supply curve. Either there can be a movement it along the supply…

Q: QUESTION 15 and the aggregate When the Federal Reserve reduces the money supply, at a given price…

A: Here we can choose the correct option and discuss the change of fed policy how affect the economy..…

Q: Suppose a firm can sell one unit of product for $50, two units for $45 each, three units for $40…

A: Total revenue is revenue earned by seller by selling the quantity at particular price , so TR=P x Q…

Q: If the marginal propensity to consume (MPC) equals 0.25 and the government increases spending by…

A: government spending increases the consumption and consumption increases the GDP so we can calculate…