A. a negative slope B. a positive slope C. a backward sloping supply curve D. short-run supply curve Correct Answer:…
I - technological advances in an industry II - changes in labour costs III - changes in source of supply…
A. marginal product B. marginal cost curve C. demand curve D. average cost curve Correct Answer: Option C C. demand…
A. a spinning firm and a wearing firm B. two meat retailing firms C. two very large wholesale textile distributors…
A. the retail market B. the house market C. the labour market D. the foreign exchange market Correct Answer: Option…
I - changes in consumer preferences II - changes in real income III - changes in the distribution of incomes…
A. income B. price C. taste D. preferences Correct Answer: Option A A. income Explanation A commodity whose income elasticity…
A. a wish for the lowest possible price B. ability and willingness to pay C. cash in one's pocket D.…
John an apprentice, engineer, and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top…
A. Producer B. Retailer C. Consumer D. Wholesaler Correct Answer: Option C C. Consumer Explanation Goods are moved from the…