In the diagram above, the consumer attains equilibrium at point
G
H
J
K
Correct answer is D
No explanation has been provided for this answer.
An important function of the price system is to
Ensure that producers' profits remain high
Guarantee full employment of resources
Allocate resources to most productive uses
Protect the economic interests of government
Correct answer is C
The distribution of scarce resources among competing producers is one of the main functions of price mechanism. Those industries which can offer the highest prices for the factors of production are able to attract supplies.
Joint demand
Derived demand
Composite demand
Competitive demand
Correct answer is D
No explanation has been provided for this answer.
Fixing price above equilibrium will cause
Demand and supply to remain constant
An increase in quantity supplied
An increase in supply
A decrease in quantity supplied
Correct answer is B
Fixing prices above equilibrium will cause an increase in supply because suppliers will be willing to produce more since they will sell at a high price.
In the table, the income elasticity of clothing is
0.5
2.0
2.5
5.0
Correct answer is B
No explanation has been provided for this answer.
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