The table below shows the combinations of beans and rice that can be purchased by a consumer. The opportunity cost of moving from K to L is?
A. 2 units of rice B. 5 units of beans C. 17 units of rice D. 20 units of beans Correct Answer: Option A – 2 units of rice
A black market can occur when?
A. supply is in excess of demand B. consumption of the commodity is restricted C. prices are set by the government above the equilibrium D. prices are set by the government below the equilibrium Correct Answer: Option B – consumption of the commodity is...
In a textile factory; the cost of cotton used is a typical example of?
A. an average cost B. a variable cost C. a fixed cost D. a total cost Correct Answer: Option B – a variable cost
A firm operating at full capacity will experience rising short-run total costs when?
A. prices of its variable inputs rise B. prices of its variable inputs fall C. there is a change in management D. labour productivity increases Correct Answer: Option A – prices of its variable inputs riseProducts
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