PN equals average revenue or marginal revenue cure of
An imperfect competitive firm
A monopoly
A perfectly competitive firm
A monopolistic competitive firm
Correct answer is C
The figure PN in the diagram is Average revenue or marginal revenue of a perfect market or perfectly competitive firm.
The demand curve for goods of ostentation is usually
Negatively sloped
Positively sloped
Vertical
Horizontal
Correct answer is B
Ostentation goods are goods that are expensive such as jewelries, gold wrist watch etc. The higher the price, the higher the quantity demanded. Therefore, the relationship between price and quantity demanded is positive.
In complementary demand
Of the same quality
In composite demand
In competitive demand
Correct answer is D
Competitive demand is also known as subtituted demand. There are alternative commodities which can satisfy similar wants wants i.e they posses identical utilities. An increased in demand for one will lead to a decreased demand for the other.
$90.00
$180.00
$324.00
$350.00
Correct answer is C
The contribution of the mining sector = 60% x 540
= 324
A major disadvantage of a capitalist economy is that it
Leads to low production of goods and services
Requires large number of officials to operate
Considers individual consumer's satisfaction
Worsens income inequality among the citizens
Correct answer is D
One of the disadvantage of capitalism is that wealth and control of means of production is concentrated in the hands of every few individuals. The rich families alwalys control the wealth of the society.
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