Income elasticity of demand is measurement of the responsiveness of
Price to change in income
Quantity demanded to change in income
Change in expenditure to change in income
Change in expenditure to change in price of the commodity
Correct answer is B
No explanation has been provided for this answer.
When all factor inputs are doubled, the production possible curve will
Shift from left to right and return to its orignal position
Shift from left to right
Remain in its former position
Shift from right to left
Correct answer is B
No explanation has been provided for this answer.
The marginal revenue curve of a monopolist is
Upward sloping from the right to left
Downward sloping from left to right
Parallel to the quantity axis
Downward sloping from right to left
Correct answer is B
The marginal revenue curve for the monopoly firm is downward sloping from left to right and lies below the market demand curve. It shows the additional revenue the monopolist gained from selling an additional unit.
Subtracting total cost from total revenue
Subtracting average revenue from total cost
Dividing total revenue from total output
Dividing marginal revenue by marginal cost
Correct answer is A
No explanation has been provided for this answer.
A priority rating of aggregate individual's wants is called
Scarcity
Choice
Scale of preference
Opportunity cost
Correct answer is C
No explanation has been provided for this answer.