The industry has many differentiated products
The industry is characterized by rapid technological change
The industry consist of large number of producers
There are significant barriers to prevent firms entering the market
Correct answer is D
No explanation has been provided for this answer.
In which situation is it likely that the demand for labour would be inelastic?
Labour and capital are close substitutes
Labour costs are only a small proportion of total costs
Demand for the final product that the labour produces is elastic
A large quantity of unemployed labour is available in the economy
Correct answer is B
When specialised labour or capital is needed, then the demand for labour will be more inelastic with respect to the wage rate.
The combination of two commodities each yielding the same level of satisfaction to the consumer is
Consumer surplus
Indifference curve
Budget constant
Goods of necessity
Correct answer is B
An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility.
All the following are factors that would bring about a change in supply except
Level of technology
Government policy
Entry of new firms
Price of the commodity
Correct answer is C
Factors Affecting the Supply of a Commodity
Total Profit made after sales
Amount of goods produced
Total money realized from sales
Amount spent on purchases
Correct answer is C
Revenue can be defined as the income generated by a firm from the sales of its goods and services.