The term ceteris paribus implies that?
A. Resources are scarce B. Human problems can be solved C. Human beings are unpredictable D. All factors are fully utilized Correct Answer: Option D – All factors are fully utilized
An increase in the marginal cost of production causes?
A. A downward movement along the supply curve B. A leftward shift of the supply curve C. A rightward shift of the supply curve D. An upward movement along the supply curve Correct Answer: Option D – An upward movement along the supply...
A firm incurs short-run costs when?
A. It cannot increase prices B. Operation is at its later stages C. Operation is at its early stages D. Some inputs cannot be varied Correct Answer: Option D – Some inputs cannot be varied
When a firm’s average revenue curve is downward-slopping; it’s price elasticity of demand will be?
A. Zero B. Greater than one C. One D. Between zero and infinity Correct Answer: Option C – One
The price per unit of a commodity to a buyer is the same as the?
A. Normal profit of the seller B. Average revenue of the seller C. Marginal cost of the commodity D. Marginal revenue of the seller Correct Answer: Option B – Average revenue of the sellerProducts
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