there are both variable and fixed costs of production. Which of the following may be fixed in the short run? Any one or more of the resources may be fixed in the short run. The characteristic that distinguishes a perfectly competitive market from a monopolistically competitive ...
Buy and consume goods and services. Own and sell factors of production. Trade: allows specialization, good for nations, and allows individuals to consume outside of their individual possibilities curve. Comparative advantage is based on: oppurtunity costs ...
A group of buyers and sellers of a good or service and then the institution or arrangement by which they come together Marginal Analysis Analysis that involves comparing marginal benefits and marginal costs Trade off The idea that, because of scarcity, producing more of one good or service means...
A rise in the general level of prices that is caused by increasing costs of production/productive inputs, which are passed onto consumers through increases in the general level of prices for goods and services. Demand-pull inflation A rise in the general level of prices that...
When a person makes a choice that affects (i.e. imposed costs on) other people that are not accounted for in the market price What is the economic terminology for externalities Externalities are examples of market failures, in which the unregulated market does not lead to an efficient outcome...
- Lower production costs abroad - Withdrawal of government support for traditional industries - Change in government policy - supporting hi-tech industries - Fast and efficient / cheap transport for moving goods Give 4 reasons for the increase in tertiary ...
costs from not pursuing good projects because managers are risk adverse Corporate governance rules and regulations that govern a firm and its managers that serve to protect minority shareholders Corporate governance examples Board of directors hire new managersManagerial compensation can be tied to financia...