In any set of data; median represents the?
A. value that is most representative of the data B. mid-position when the values are arranged in ascending or descending order C. mid-position when the values are arranged randomly D. difference between the highest and the lowest values when arranged in ascending...
In order to increase revenue; the seller of a commodity whose demand is fairly elastic is advised to?
A. increase price B. reduce output C. reduce price D. retain price Correct Answer: Option C – reduce price
A change in demand for a normal good means?
A. a shift in the demand curve B. a change in the price changes C. a movement along a given demand curve D. a change in the price elasticity Correct Answer: Option A – a shift in the demand curve
The final stage in the production process of any commodity involves its movement from the?
A. retailer to the wholesaler B. producer to the wholesaler C. retailer to the consumer D. wholesaler to the retailer Correct Answer: Option C – retailer to the consumerProducts
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