If the price elasticity of demand for a certain commodity is less than unity, then
An increase in the price of the commodity will raise the total revenue of the producer
An increase in price leaves the total revenue unchanged
A decrease in price raises the total revenue of the supplier
A decrease in price leaves the total revenue constant
Correct answer is A
No explanation has been provided for this answer.
A company's expenditure on raw materials is regarded as
Explicit cost
Implicit cost
Prime cost
Average cost
Correct answer is A
No explanation has been provided for this answer.
In the long run, all production factors are?
Fixed
Semi fixed
Variable
Semi-variable
Correct answer is C
No explanation has been provided for this answer.
Greater than the equilibrium supply
Smaller than the equilibrium supply
The same as the equilibrium supply
A determinant of the market forces of equilibrium
Correct answer is B
No explanation has been provided for this answer.
Zero and decreasing
Decreasing and zero
Negative and decreasing
Both at their maximum
Correct answer is A
No explanation has been provided for this answer.