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Micro Economics
Micro Economics is the branch of Economics which analyses the market behavior of individual consumers and firms. It focuses on the patterns of supply and demand and price and output determination in the individual markets.
500 Questions
True or false. The law of diminishing marginal utility predicts the consumption behavior of addicts quite well?
Asked by Wiki User
What is microeconomics and the scope of microeconomics?
Asked by Wiki User
define law of demand.explain it with the help of schedule and digram. also write its assumption and limitation
Which of the five foundations in microeconomics explains what you give up when you choose to buy a new pair of shoes instead of attending a concert?
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Why do average revenue rise under perfect competitive market?
Asked by Wiki User
In perfect competition prices are fixed, Average revenue is also same for all units of goods.
Why do price-maker firms never want to produce in the inelastic part of the demand curve?
Asked by MorganNVance
Price-maker firms never want to produce within the inelastic part of the demand curve because there are few acceptable product substitutes, and a shorter adjustment period, which may impact overall production in a negative manner.
What about a perfectly competitive market are true you The perfectly competitive industry faces an upward-sloping labor supply curve II The individual firm in a perfec?
Asked by Wiki User
What is the explanation of law of diminishing return?
Asked by Wiki User
In the most general terms, you reach a point where a product or process has been improved so much that devoting more resources to more research and development will not translate into enough added gain to cover the cost of the added research. The idea can be applied to a wide range of activities where there is some increase in profit or benefit resulting from some increase of effort or product improvement. At some point, you decided that you have reached an optimum balance between what you are gaining and what you have to do to 'improve' your gain.
