A. weather, price and technology B. technology, weather and population C. technology, price and taste D. population, price and taste…
A. N1.50 B. N0.40 C. N1.00 D. N2.00 Correct Answer: Option B - N0.40 Explanation Consumer Surplus is the difference…
A. the slope of a normal demand curve is negative B. an abnormal demand curve slopes upwards C. the slope…
A. choice is not consistent B. utility can be ranked C. total utility is a function of price D. satisfaction…
A. inelastic B. perfectly elastic C. elastic D. unitarily elastic Correct Answer: Option C - elastic
A. double B. increase C. be constant D. decrease Correct Answer: Option D - decrease Explanation If the demand for…
A. equally by consumers and producers B. more by producers C. more by consumers D. more by retailers and producers…
A. range B. mean C. mode D. median Correct Answer: Option C - mode Explanation The mode of a set…
A. is not affected by extreme values in a data B. is a midpoint value in an array of data…
A. always measured from the mode B. the most representative of averages C. always measured from the median D. a…