1. Microeconomics (a)
5.the indifference curve
8.gross national product
1.Demand schedule:- In economics, the demand schedule is a table of the quantity demanded of a good at different price levels. Thus, given the price level, it is easy to determine the expected quantity demanded. This demand schedule can be graphed as a continuous demand curve on a chart having the Y-axis representing price and the X-axis representing quantity.
2.Diminishing marginal returns: Diminishing marginal returns states that, as more and more of the factor input is employed, all other quantities remaining constant, a point will eventually be reached where additional quantities of varying input will yield diminishing marginal contributions to total product.
3.Market structure:- DefinitionAdd to FlashcardsSave to FavoritesSee Examples
The interconnected characteristics of a market, such as the number and relative strength of buyers and sellers and degree of collusion among them, level and forms of competition, extent of product differentiation, and ease of entry into and exit from the market
Four basic types of market structure are (1) Perfect competition: many buyers and sellers, none being able to influence prices. (2) Oligopoly: several large sellers who have some control over the prices. (3) Monopoly: single seller with considerable control…