Which of the following statement is TRUE of the effect of changes in demand and supply on price?
A decrease in supply will lead to fall in price and a fall in the quantity bought and sold
An increase in demand will lead to a fall in price and quantity bought and sold
A decrease in demand will lead to a rise in price and in the quantity bought and sold
An increase in supply will lead to a fall price and a rise in the quantity bought and sold
Correct answer is D
No explanation has been provided for this answer.
The effect of changes in the condition of demand on a demand schedule with the price constant is
A movement along the demand curve
Deflation of the demand curve
Hyperbola formation by the demand curve
Shift of the demand curve
Correct answer is D
No explanation has been provided for this answer.
A fixed cost
An implicit cost
A variable cost
A prime cost
Correct answer is B
No explanation has been provided for this answer.
Real income
Profit
Economic rent
Real wage
Correct answer is C
No explanation has been provided for this answer.
Income method
Expenditure method
Output method
Factor method
Correct answer is C
No explanation has been provided for this answer.