A. fall in consumer income B. change in consumer taste C. fall in the commodity relative price D. rise in…
A. unitary elastic B. zero elastic C. elastic D. inelastic Correct Answer: Option C = elastic Explanation Elasticity of demand…
A. change in the quantity demanded as price changes B. shift in the demand curve C. movement along a given…
A. range B. variance C. standard deviation D. mean deviation Correct Answer: Option B - variance Explanation variance is the…
A. income level of households B. available technical skills in the economy C. output decisions of firms D. holding decision…
A. government B. consumer C. industrialists D. labour unions Correct Answer: Option A - government Explanation A command economy is…
Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0 25P.Qs…
A. 600 B. 800 C. 900 D. 1000 Correct Answer: Option C - 900 Explanation The profit-maximizing output level is…
A. 4 B. 1 C. 2 D. 5 Correct Answer: Option C - 2 Explanation Percentage change in quantity supplied…
A. Adam Smith B. Reverend Thomas Malthus C. Professor trim fisher D. David Ricardo Correct Answer: Option D - David…