A. A baker B. A wheat farmer C. A large chain store D. An automobile plant Correct Answer: Option D…
A. earn excess profit B. earn normal profit C. break-even D. expand their operations Correct Answer: Option D - expand…
A. an increase in the demand for labour B. a decrease in the demand for labour C. an increase in…
A. set a maximum price B. release products from the buffer stock C. sell the excess to consumers D. set…
A. an increase in supply B. a decrease in price C. a decrease in quantity supplied D. an increase in…
A. rationality B. surplus C. sovereignty D. credit Correct Answer: Option B - surplus Explanation Surplus in economics refers to…
A. total utility decreases as consumption increases B. marginal utility increases as consumption increases C. marginal utility decreases as consumption…
A. negative B. increasing C. zero D. decreasing Correct Answer: Option B - increasing Explanation When marginal utility diminishes but…
A. elastic B. perfectly inelastic C. inelastic D. perfect elastic Correct Answer: Option C - inelastic Explanation If the demand…
A. 0.5 B. 1.2 C. 2.5 D. 4.0 Correct Answer: Option A = 0.5 Explanation Income elasticity of demand is…