If the total fixed cost is the same regardless of output, the average fixed cost will be
Increasing
Maximum
Minimum
Decreasing
Correct answer is D
No explanation has been provided for this answer.
A characteristic of the linear production function is that
The percentage change in inputs change exceeds output
Output and all inputs change by the same percentage
The percentage change in output is greater than one
The percentage change in output is less than one
Correct answer is B
No explanation has been provided for this answer.
The division of labour requires that the task to be performed
Must be done in stages
Requires no special knowledge
Is simple but strenuous
Must be undertaken by experts
Correct answer is A
No explanation has been provided for this answer.
The world market for crude oil refers to the
Total supply by OPEC members
Total demand for and supply of crude oil
Excess crude oil produced in the world
Difference between the supply of and demand for oil
Correct answer is B
No explanation has been provided for this answer.
The coefficient of the price elasticity of supply is always
Positive
Negative
Constant
Zero
Correct answer is A
No explanation has been provided for this answer.