The producer's demand for a factor of production is governed by the ____ of the factor.
A). Price will decrease
B). Marginal productivity
C). Availability
D). Profitability
Demand for factors of production is
A). Derived demand
B). Joint demand
C). Composite demand
D). None of the above
The offer curves introduced by Alfred Marshall, helps us to understand how the ___ is established in international trade.
A). Terms of trade
B). Equilibrium price ratio
C). Exchange rate
D). Satisfaction level
In which of the following market structure is the degree of control over the price of its product by a firm very large?
A). Imperfect competition
B). Perfect competition
C). Monopoly
D). In A and B both
The economist's objections to monopoly rest on which of the following grounds?
A). There is a transfer of income from consumers to the monopolist
B). There is welfare loss as resources tend to be misallocated under monopoly
C). Both A and B are incorrect
D). Both A and B are correct