A change in supply is best described as a
Movement along the supply curve
Shift of the supply curve to the left or to the right
Shift of the supply curve to the left
Shift of the supply curve to the left
Correct answer is B
No explanation has been provided for this answer.
Economics is regarded as a social science because it
Adopts the scientific method in production
Is an agent of socialization
Adopts the scientific method in the study of human behaviour
Adopts the scientific method with social problems
Correct answer is C
No explanation has been provided for this answer.
A normal good with close substitutes is likely to have its price elasticity of demand
Between zero and one
Equal to unity
Less than unity
Greater than unity
Correct answer is D
No explanation has been provided for this answer.
For a supply curve, an increase in the price of a commodity will result in
A decrease in supply
A decrease in the quantity supplied
An increase in supply
An increase in the quantity supplied
Correct answer is D
No explanation has been provided for this answer.
At the consumer equilibrium, the slope of the indifference curve is
Half the slope of the budget constraint line
Equal to the slope of the budget constraint line
Greater than the slope of the budget constraint line
Less than the slope of the budget constraint line
Correct answer is B
No explanation has been provided for this answer.