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.
All the following are problems identified with agriculture in West Africa except
Land tenure system
Ignorance of the farmers
Use of crude implement
Provision of food for the teeming population
Correct answer is D
No explanation has been provided for this answer.
The law of variable proportions is also known as
Law of demand
Law of diminishing returns
Law of diminishing marginal utility
Law of returns to scale
Correct answer is B
The law of variable proportions is also known as the law of diminishing returns. It states that, when the quantity of one factor of production is increased, while keeping all other factors constant, it will result in the decline of the marginal product of that factor.