A. The industry has many differentiated products B. The industry is characterized by rapid technological change C. The industry consists…
A. Paris, France B. Geneva, Switzerland C. Lagos, Nigeria D. Vienna, Austria Correct Answer: Option D - Vienna, Austria Explanation…
A. Labour and capital are close substitutes B. Labour costs are only a small proportion of total costs C. Demand…
A. consumer surplus B. indifference curve C. budget constant D. goods of necessity Correct Answer: Option B - indifference curve…
A. level of technology B. government policy C. Entry of new firms D. Price of the commodity Correct Answer: Option…
A. total Profit made after sales B. amount of goods produced C. total money realized from sales D. amount spent…
A. land tenure system B. ignorance of the farmers C. use of crude implement D. provision of food for the…
A. law of demand B. law of diminishing returns C. law of diminishing marginal utility D. law of returns to…
A. Prime cost B. Explicit cost C. Average cost D. Implicit cost Correct Answer: Option A - Prime cost Explanation…
A. Low-interest charges on loans B. High standard of living C. Low foreign exchange rate D. Improvements in infrastructure Correct…