Questions

For each perfectly competitive firm in the long run

The law of demand states that

The demand for a normal good decreases with ________ in the consumer's income.

__________ resources are those resources whose quantity is known.

_________ says that the marginal product of a factor input initially rises with its employment level. But after reaching a certain level of employment, it starts falling.

The study of individual markets of demand and supply in which the 'players', or the decision makers, were also individuals (buyers or sellers, even companies) who were seen as trying to maximize their profits (as producers or sellers) and their personal satisfaction or welfare levels (as consumers) is called?

Increase in the demand for a good will cause the equilibrium price of the good to ________ and the equilibrium quantity to _________.

The hardest natural substance is