A. pure monopoly B. perfect monopoly C. perfect competition D. monopsonist competition Correct Answer: Option A - pure monopoly
A. normal profit B. abnormal profit C. marginal profit D. no profit Correct Answer: Option A - normal profit
A. stimulate demand for rival products B. create demand for a particular product C. enables the product to penetrate the…
A. raise his profit and lower his costs B. discourage buyers from cheating C. determine what he will produce D.…
A. peasant agriculture B. plantation agriculture C. co-operative farming D. subsistence farming Correct Answer: Option D - subsistence farming
A. normal goods B. Giffen goods C. ostentatious goods D. capital goods Correct Answer: Option A - normal goods
A. an increase in the wage rate and an increase in the number of people employed B. a decreased in…
A. Marginal Cost B. Average Cost C. Total Cost D. Average Cost relative to price in the market Correct Answer:…
A. always reflects the cost of labour B. reflects the variable, but not the fixed cost of production C. does…
A. explicit cost B. implicit cost C. prime cost D. average cost Correct Answer: Option A - implicit cost