A commodity is described as inferior when the
Income effect is negative
Income effect is positive
Substitution effect is negative
Substitution effect is positive
Correct answer is A
No explanation has been provided for this answer.
The major determinant of cross elasticity of demand is the
Price of the good
Degree of necessity of the good
Level of income of consumers
Closeness of the substitutes
Correct answer is D
No explanation has been provided for this answer.
A firm operating at full capacity will have a
Perfectly inelastic supply curve
Perfectly elastic supply curve
Fairly elastic supply curve
Fairly inelastic supply curve
Correct answer is A
No explanation has been provided for this answer.
When the demand for a good increases owing to an increase in income, it means that
There is an increase in quantity demanded
Inflation has taken place
Demand has exceeded supply
There is an increase in demand
Correct answer is D
No explanation has been provided for this answer.
Estimate the mean from grouped data
Calculate the standard deviation
Determine the spread of a set of data
Measure the difference between the mean and the mode
Correct answer is C
No explanation has been provided for this answer.