A. the whole industry B. some sectors of the industry C. external factors D. internal factors Correct Answer: Option C…
In a small scale business, the fixed cost is N5,000, variable cost is N15,000 and the output is 500 units.…
A. MC = AR = TR B. TC =AR = P C. MC = AR = P D. MC =…
A. market is not working effectively B. equilibrium price is attained C. price of a commodity tends to attract consumers…
A. measurable B. psychological C. ranked D. intangible Correct Answer: Option A - measurable
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the…
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the…
A. shadow prices B. profit level C. relative prices D. a central planner Correct Answer: Option B - profit level
(i) What and how much will be produced (ii) How will it be produced (iii) For whom will it be…
A. reduction in spending in the face of competing alternative B. allocation of resources to alternative uses C. economic behaviour…