Which of the following reasons explains the upward sloping of supply curve in a competitive market?
Ceteris paribus, marginal cost increase as output increases
As new firms enter the market, factor price moves up
Firms are in business to satisfy consumers
Marginal cost often increases in a competitive market
Firms are in business to produce goods
Correct answer is A
No explanation has been provided for this answer.
Which of the following is regarded as fixed cost?
Cost of raw material
Cost of fuel
Cost of light
Rent on land
Labour wages
Correct answer is D
No explanation has been provided for this answer.
N2,000.00
N60.00
N50.00
N40.00
N30.00
Correct answer is D
No explanation has been provided for this answer.
The indicator of the value of money in the market is the
The general price level
Effective supply
The equilibrium price
Effective demand
Consumer income
Correct answer is A
No explanation has been provided for this answer.
Current account items
Visible exports
Capital account items
Invisible exports
Visible imports
Correct answer is B
No explanation has been provided for this answer.