If the marginal utility of commodity is equal to its price, then?
A. the consumer is in equilibrium B. more of the commodity can be consumed C. total utility is also equal to its price D. the market is not in equilibrium Correct Answer: Option A – the consumer is in equilibrium Explanation A consumer is in equilibrium when the...
Marginal cost is?
A. the lowest cost of producing goods B. the cost of production of the most efficient firm in an industry C. the cost of production of the most inefficient firm in an industry D. the cost of production of the last or extra unit of goods produced by a firm Correct...
If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5; the elasticity of demand is?
A. Zero B. 10 C. 2 D. 1 Correct Answer: Option C = 2
Which of these is not usually the function of a wholesaler?
A. Branding B. Storage C. Transport D. Advertising Correct Answer: Option A = Branding
If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400; such tax is?
A. Progressive B. Proportional C. Indirect D. Regressive Correct Answer: Option D = RegressiveProducts
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