Goods that are abundant in supply usually have low
Total utility
Marginal utility
Average utility
Time utility
Correct answer is B
No explanation has been provided for this answer.
A consumer is in equilibrium when
His market Supply is equal to his market demand
He maximizes his satisfaction from spending his income
The market is also in equilibrium
He has consumed all he wants
Correct answer is B
A consumer is in equilibrium when he derives maximum satisfaction from the goods, given his income and the market prices.
Goods are described as inferior if their demand
Decreases as price falls
Increases as income rises
Decreases as income increases
Increases as price increases
Correct answer is C
In economics, an inferior good is a good whose demand drops when people's incomes rise.
In a free market economy, resources are allocated through the
Government department
Price mechanisms
Trade union
State planning committee
Correct answer is B
In a free market economy, the allocation of resources and distribution of goods and services are made on the basis of the relative market price known as the price mechanism.
Land as a factor of production is made useful through the
Application of human effort
Acts of nature
Application of fertilizer
Use of machines
Correct answer is A
No explanation has been provided for this answer.