Question
kindly solve the following questions please?The key variable that answers the fundamental questions in microeconomics and what drives the economy is prices. Economic agents react
kindly solve the following questions please?The key variable that answers the fundamental questions in microeconomics and what drives the economy is prices. Economic agents react to prices they face and the forces of demand and supply are the function of prices.
So the correct option is option a.
Positive economics refers to the statement of things as they are or a description of reality. So the correct option that best describes the positive economics is option a. That is, it is the way things are.
So the correct option is option a.
The example of perfect competition in a way can be stock market since there are large number of sellers and buyers of the same underlying stock and there are no barriers to entry of new buyers and sellers.
So the correct option is option C, the stock market.
The fact that water is more essential for life than diamond is true but the statement that twin forces of demand and supply dictate that water is just as expensive as diamond is false. Since the water on planet is available in abundance relative to diamond. While the dem
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started