Cost of production is at a medium
The plant is of optimum size
Price is above marginal revenue
Average variable cost is at a minimum
Correct answer is C
No explanation has been provided for this answer.
The tailoring services is competitive partly because it consists of a large number of
large scale enterprises
Medium scale enterprises
Small scale enterprises
Government owned enterprises
Correct answer is C
No explanation has been provided for this answer.
An imperfect market in which there is only one buyer of a commodity is
Monopsony
Oligopoly
Monopoly
Duopoly
Correct answer is A
No explanation has been provided for this answer.
The demand for a product is said to be price inelastic, if
The price elasticity of demand is less than one
The price elasticity of demand is greater than one
A reduction in price results in increase in the quantity demanded
An increase in price results in a decrease in the quantity demanded
Correct answer is A
No explanation has been provided for this answer.
If an increase in income induces a reduction in the demand for beans, beans can be referred to as
A normal good
An inferior good
A substitute good
A gift good
Correct answer is B
No explanation has been provided for this answer.