A search good is a product that: is difficult to locate, so it takes time to find it. can easily be evaluated before purchase. O is produced with rare or hard-to-find inputs. is not yet available, but consumer desires for it are known.

Q: Explain the producer’s equilibrium with the help of least cost factor combination, necessary and…

A: The producer is in equilibrium when he gets maximum profit. The producer under the perfect market…

Q: optimal number of units that should be produced and sold each month and at a profit occurs (instead…

A: ANSWER: a.  Profit = Total Revenue (TR) - Total Cost (TC) Profit should be greater than zero, if the…

Q: Demand Factor Initial Value Average American household income $40,000 per year Round trip airfare…

A: Demand refers to the quantity that c consumer wishes to purchase at a given price in a given period…

Q: A change in investment spending can affect supply as well as demand.  However, supply will not be…

A: Factors affecting supply:-  1) Change in price of factors of production. 2) Technological…

Q: The data below shows a tabulation on the production of a hypothetical product: Output (Q) Total Cost…

A: Average Variable Cost = Variable Cost / Output Marginal Cost = Change in Total Cost / Change in…

Q: In which of the service system does the customer affect the time of demand a. Low degree of customer…

A: In a market, when peope enter to make demand for goods and services, there are various factors that…

Q: Many restaurantsdon’t take reservations. You simply arrive and wait your turn. If you arrive at 7:30…

A:

Q: Which of the following best represents a fixed cost: а. payroll b.rent Oc. cost of merchandise sold…

A: Cost refers to all the expenses occur in the process of production. Mainly there are two types of…

Q: The higher labour costs under skilled-based pay indicate that it may be a better fit to companies…

A: In a market, a firm hires labor as a variable input resource for which firm has to pay the wage rate…

Q: You are an efficiency expert hired by a manufacturing firm that uses Kand Las inputs. The firm…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Buyer power is high when there are few available substitutes for the firm's product. a. True b.…

A: When there are only few substitutes available of the good, then the buyers power in the market is…

Q: Firms Profitabilty a) can be enhances by the development of better products. b) can be undercut by…

A: Profitability is a firms ability to generate profit from its activities.

Q: A firm supply curve is upsloping because:         the expansion of production necessitates the use…

A: A firm enters the market and supplies specific products or services to make a profit from selling…

Q: All of the following statements about value are correct EXCEPT The value of a thing is determined by…

A: Answer- The value of a thing is determined by the marginal utility this thing brings to the…

Q: Multiple Choice O produce 1,000 square feet of construction per month in the short run produce 800…

A: In perfectly competitive market, firms do not have any market power to control the other so they are…

Q: Product A cost $8 and demand for product B is 12 units then product A is reduced in price to $5 and…

A: Meaning of Price Elasticity of Demand: The price elasticity of demand refers to the situation…

Q: Organizations that maintain a large amount of inventory of raw materials will incur heavy losses in…

A: In economics, Inventory refers to the total amount of products kept in the stock with the producers…

Q: iv. Demand is elastic if the consumer has only a few substitutes to choose from. (TRUE/FALSE)…

A: The markets are the place where the buyers, and sellers of various goods, and services tend to meet…

Q: Plan production for a four-month period: February through May. For February and March, you should…

A: Inventory is the stock of goods or materials that firms have and use for the purpose of sale or in…

Q: A print shop wants to expand production.  It currently has 20 employees and 8 copy machines and…

A: Answer: Given, Number of new employees added = 4 Output produced by 4 new employees = 80,000 Number…

Q: A firm's decisions are ultimately oriented toward: -increasing total revenue -minimizing the…

A: When an individual participates in the market as a supply-side participant, he has to deal with…

Q: Everything U Want Stores is trying to decide whether to keep or drop the hardware department in its…

A: Sunk cost refers to the cost which once incurred can not be recovered. The opportunity cost is…

Q: Opportunity costs are an important consideration for managers when deciding whether to accept…

A: Cost refers to the sum of money a corporation spends on making or producing products or services.…

Q: _________ refers to the additional cost spent to produce one more unit of the product. a. Marginal…

A: Money cost is the nominal cost and the cost that is spent by the firm in producing the commodity.…

Q: A snowboard company currently hires 10 skilled employees who are paid a weekly wage of $1,000. The…

A: When price is greater than marginal cost, it means that the producer would earn profits by selling…

Q: a) Identify three possible work-related injuries and illnesses/diseases that might result from…

A: Worker's compensation: Laborers' pay or laborers' comp is a type of protection giving compensation…

Q: A firm's supply curve is upsloping because:         the expansion of production necessitates…

A: The supply curve shows the quantity of a good the sellers are willing and able to sell at the…

Q: A firm face the production function: Q=120L+200K-L2-2K2 It can buy L at N5 a unit and K at N8 a unit…

A: Given  A firm's production function is in the form of  Q=120L+200K-L2-2K2           ....... (1) Cost…

Q: Rent of a factory is the fixed cost for the firm True/False

A: # When a firm engages in production process, it has to incur some expenditure to run the business…

Q: An efficiency wage premium is a good way for a firm to reduce shirking if A. the cost of the higher…

A: The efficiency wage theory refers to a labor market theory which primarily focuses on improving the…

Q: Rise in costs is a bad thing      If rising costs are due to rising prices     If rising costs…

A: There are two main causes of inflation: Demand-pull and Cost-push. Both are accountable for a…

Q: The state of New Jersey has in circulation (as of 2011) an instant lottery game called $1,000…

A: Given information: The given information depicts the frequency of distribution of prizes and winning…

Q: An increase in the cost of an input will cause the supply curve of the output to shift left. a.…

A: Supply curve reflects the positive relationship between price and supply of goods. There are various…

Q: Plan production for a four-month period (February through May).   Given information: For February…

A: Аggregаte  рlаnning  refers  tо  the  рrосess  оf  develорing  аnd  mаintаining  аn  аggregаte…

Q: Which of the following is an element of the (supply chain )? a sourcing b manufacturing C…

A: A supply chain begins with the determination of crude materials to deliver labor and products and…

Q: You are an efficiency expert hired by a manufacturing firm that uses Kand Las inputs. The firm…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Process mapping is a tool that reduces processes to their component parts or activities and helps…

A: Process mapping is the graphical representation with illustrative descriptions of how things get…

Q: opular 777, they announced plans to redevelop their production process. Boeing hoped to extend the…

A: Opportunity cost is the cost of the next best alternative foregone. This concept arises due to…

Q: In order to minimize the cost of producing a given level of output, a firm manager should use more…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Multiple Choice Osellers can manipulate market price by causing product scarcities. Othere are…

A: GIVEN DATA PERFECT COMPETITION  This type of market is based on the assumption of a large number of…

Q: The market research department of EZPub estimated that 5,000 textbooks would be purchased in Canada…

A: Demand shows different combinations of quantity demanded at different price levels

Q: Which of the following is included in money cost ? (a) Normal Profit

A: The expenses that a firm incurrs in order to produce a commodity is known as money cost or nominal…