Describe the term "Income Effect" as applied in Economics What does the term "marginal principle" refer to in economics? What does aggregate mean in economics? Briefly define economies of scale. Define behavioral economics and give an example. What is meant by the term "allocative efficiency" ...
Demand refers to the desire of a consumer to buy certain goods and services, and the willingness to pay for these goods and services. In economics, increasing the prices of the products or services decreases the quantity demanded.Answer and Explanation: ...
In economics, a deadweight loss (also known as excess burden or allocative inefficiency) is a loss of economic efficiency that can occur when equilibrium for a good or service is not Pareto optimal. In other words, either people who would have more marginal benefit than marginal cost are not...
Utility is a concept in economics that refers to the amount of "use" or satisfaction that a consumer receives from a good. Different goods will have different levels of utility for different consumers; for example, a runner will assign more utility to a set of running shoes than a chef ...
State any two characteristics of a perfect competition in economics. Define: - Marginal Cost - Perfect Competition - Market Price. Describe the industry of business, and state why it has a perfect competition market structure. Describe how firms in perfect competition achieve both allocative and pro...
Describe how firms in perfect competition achieve both allocative and productive efficiency. (a) Define and explain perfect competition, monopoly, and oligopoly. (b) Why firms do price discrimination? Why is perfect competition the "best" form of market structure? Does perfect competition exist? Des...