Which of the following is a luxury item?
Petrol
Textbook
Pencil
Gold
Correct answer is D
No explanation has been provided for this answer.
Competitive demand
Derived demand
Composite demand
Joint demand
Correct answer is B
No explanation has been provided for this answer.
Consumer buy more of a commodity at a lower price than at a higher price because
Productions like to produce more
In a given situation people like to buy more
Consumers like to show off
With the same amount of money they will be able to buy more
Correct answer is D
No explanation has been provided for this answer.
The cost incurred by using both fixed and variable factors in production is called
Marginal cost
Fixed cost
Total cost
Average cost
Correct answer is C
No explanation has been provided for this answer.
Performance of one task in a production process is known as
Specialization
Standardization
Division of labour
Segmentation
Correct answer is A
No explanation has been provided for this answer.