A normal supply curve is usually positively sloped because the relationship between
Price and supply is positive
Demand and price is positive
Supply and price is negative
Price and demand is negative
Correct answer is A
No explanation has been provided for this answer.
GNP is not a good measure of social welfare because there are unrecorded
Indirect taxes
Social costs
Government subsidies
Transfer payments
Correct answer is D
No explanation has been provided for this answer.
If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be
A monopolistic competitor as it can have a limited influence on price
A monopolist as it can have a great influence on price
A perfect competitor as it cannot influence the market price
An oligopolist as it can collude with other firms to have some influence on price
Correct answer is B
No explanation has been provided for this answer.
In a planned economy, the emphasis is on
Public ownership and control
Prices and competition
Individual choices and decisions
Private ownership and control
Correct answer is A
No explanation has been provided for this answer.
0.4%
40.0%
10.0%
4.0%
Correct answer is B
No explanation has been provided for this answer.