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    A market in perfect competition is in long-run equilibrium. What happens to the market if labor unions are able to increase wages for workers?

    When wages increase, costs of production increase. Some firms would now be making economic losses and would shut down. The supply curve then starts shifting to the left, pushing the market price up. This process ends when all firms remaining in the market earn zero economic profits. The result is a contraction in the output produced in the market.

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Questions & Answers

please...when something like a factor of production varies in the long run, what does it mean..? And it's fixed in the short ry n, wat does it mean?
Enoch Reply
factor of production in long run calls variable factor and in short run calls fixed factor...
Pooja
Ther r 2 types of factor of prod. 1.Variable 2. Fixed. during long run we can change both. but Short run only variable factor changes.
Tactful
So land labour capital what is it
Pronoy
factors of production
Angela
Land is Fixed factor of production. Labour is Variable FoP
Tactful
How can i get a quantity demand and supply?
Charlene Reply
i dont know
ian
My name is Matthew
Matthew
i don't know because i am new student of the BS ECONOMIC
Zeeshan
please guide me
Zeeshan
okkk
Zeeshan
what is the question ? is it numerical ?
Tactful
what is Monopoly?
Nat Reply
Monopoly is a market structure which has only one seller or producer which do not have close subtitude
Juliet
what is price mechanism
kobbina Reply
It is the economic means by which gov't, economic agencies, buyers and sellers determine the price to influence the demand and supply of a commodity.
Gh
price mechanism is the manner in which the prices of goods and services affect the supply and demand of goods and services.
Obediah
accounts in balance of payment
Ikogor Reply
What is deadweight loss?
DAVID Reply
what is economics
Michael Reply
economics is. study about money and the human beings,the economics is social science
Leela
Economics is a science which studies humans behaviour between ends and scarce means.
Caasianebok
the total amount of money earned within a country
abdul Reply
right
Ashish
What is trade line
Ruchi Reply
what is scars
Siaw Reply
What is land as labour
Siaw
Price and output determination in a monopoly?
Ruchi Reply
Monopoly :its features, measures market power
Ruchi
Monopoly is market structure where he/she is d boss with no competition.Therefore he quote his own price for product as well for quantity he provide. Eg.Suppose desert area only one shop he/she selling 10ltr water bottle @25.But with same amt you could have bought 20ltr if it's perfect competition.
Tactful
Economics is a social sciences that have diverse application
Francis Reply
what is economics?
Osborne Reply
Economic is the study of human behaviour in relation with the scare resources and it alternate use.
Tactful
Economics is a social sciences that have diverse application...
Francis
the branch of knowledge concerned with the production, consumption, and transfer of wealth.
charlon
choice and opportunity cost?
SRIPRIYA Reply
choice is the next best alternative
Taina
Choice is option available. Opportunity cost means giving up other to get The 1st one. eg. U r hungry u got 2option available on fridge A and B. You select A over B. so this is opportunity cost. B is the Opportunity Cost over A.
Tactful
can I get simple language and examples?
Gajendra Reply

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Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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