Question

iáng sinh ngày . Foreign • g wowe Till SER +++ EFFFFFFFFFFFFFFF BEST ++++ + ++ 111111lllllllllllllllllllllllllllll e r are impued when combined willes, fing na po y ha pres rong celo 14 wich bateconomic theory that i s forms and countries cangan the auction s and they eficientat producing? A Law of Dining Returns w of Ceberis Paris CL Demand D. Law of Comparative Advantage 15 Economic theory indicates that as any con t estendr uctive further becomes increasing more expensive to do so what is this particular theory A L imining Return Ceteris Paribus CL of Demand Law of Decreasing Cost 16. When the government implements a price for there will be winners and lowers with this type of economic policy? The winners will be undone will be A society buyers and sellers buyers and seler, Society C buyers; sellers and society D. sellers: buyers and society 17. na Capitalist Free Market Economic System what is the information and coordination mechanism buyers and sellers use to male resource allocation den ? A the price system the production system C government programs D. the invisible hand of competition

Answer 1

Ans) 1) One of the reasons for supply curve to be upward sloping is the higher prices needed to cover higher marginal cost which arises due to diminishing marginal returns.

2) Price floor is the legal minimum price that must be paid for any product. It is imposed when government feels that the prevailing prices are too low. Eg- minimum wage.

This increases producer surplus but decreases consumer and total surplus.

3) Comparative advantage is when one party can produce goods with lower opportunity cost. That is produces what it is best at.

ter Law of Demand Compte La oferir Demand Decreasing bers and were so 11. Capital Market Economic System what is the women and the inside and of competition