A. total revenue B. marginal revenue C. average revenue D. price Correct Answer: Option D - price
A. an increase in short-run average cost B. an increase in long-run average cost C. a decrease in long-run average…
A. average variable cost B. marginal cost C. average total cost D. average fixed cost Correct Answer: Option B -…
A. scarce resources in order of importance B. needs in order of importance C. sources of income and their importances…
A. centrally planned economy B. free market economy C. developed economy D. mixed economy Correct Answer: Option A - centrally…
A. indeterminate B. direct C. nil D. inverse Correct Answer: Option C - nil
A. the quantity supplied is responsive to price B. the same fixed quantity will be supplied no matter the price…
A. increase consumption of imported goods B. improve trade among nations C. transform from a developing to a developed economy…
A. deductive reasoning B. inductive reasoning C. theoretical reasoning D. normative reasoning Correct Answer: Option B - inductive reasoning Explanation…
A. movement along the supply curve B. shift of the supply curve to the left or to the right C.…