Distinguish between a normal good, an inferior good and a Giffen good. Use indifference curves to illustrate your answer.
Answer to relevant QuestionsChoose two industries that you believe are very different. Identify factors used in those industries that in the short run are (a) fixed; (b) variable.If the industry under perfect competition faces a downward-sloping demand curve, why does an individual firm face a horizontal demand curve? Give three examples of oligopolistic industries. In what ways do the firms in each of these industries compete? Why do they choose to compete in the way that they do?What are the potential costs and benefits of mergers to (a) shareholders; (b) managers; (c) customers?Can taxes be used to relieve poverty?
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