If you were the owner of a clothes shop, how would you set about deciding what prices to charge for each garment at the end-of-season sale?
Answer to relevant QuestionsIs there any truth in the saying that the price of a good is a reflection of its quality?Think of two things that are provided free of charge. In each case, identify whether and in what form a shortage might occur. In what ways are/could these shortages be dealt with? Are they the best solution to the shortages?Is it reasonable to assume that people seek to equate the marginal utility/price ratios of the goods that they purchase, if (a) They have never heard of ‘utility’, let alone ‘marginal utility’; (b) Marginal utility ...Why do marginal cost curves intersect both the average variable cost curve and the average cost curve at their lowest point?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?
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