What is microfinance?
What will be an ideal response?
Microfinanc involves lending small amounts to poor borrowers using peer lending groups. It has become an important new tool in encouraging entrepreneurship in developing countries.
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A monopolistic competitor is in long-run equilibrium when
A) it is making zero profits and price equals marginal cost. B) its average total cost curve is tangent to the demand curve at the profit-maximizing rate of output. C) price is greater than marginal cost. D) it is making positive profits or zero profits and price is greater than marginal cost.
Suppose an individual's MRS (of steak for beer) is 2:1 . That is, at the current consumption choices he or she is willing to give up 2 beers to get an extra steak. Suppose also that the price of a steak is $1 and a beer is 25ยข. Then in order to increase utility the individual should
a. buy more steak and less beer. b. buy more beer and less steak. c. continue with current consumption plans. d. Not enough information to answer the question.