Increase in supply due to changes in plant size will take place only in the
Normal time
Long time
Market period
Short run
Correct answer is B
The long run is a period of time in which all factors of production and costs are variable. In the long run, firms are able to adjust all costs, whereas, in the short run, firms are only able to influence prices through adjustments made to production levels.
$0.08
$5.00
$25.02
$125
Correct answer is D
No explanation has been provided for this answer.
The rate of increase in utility is
Average utility
Increasing utility
Total utility
Marginal utility
Correct answer is D
In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a goods or service is the change in the utility from an increase or decrease in the consumption of that good or service.
The profit of a producer is the difference between
Total cost and marginal cost
Total revenue and total cost
Average cost and total cost
Price and total cost
Correct answer is B
Total profit is determined by subtracting total costs from revenues. Total revenue is determined by multiplying the price received for each unit sold by the number of units sold.
If the coefficient of price elasticity of demand is 0.1, demand is
Elastic
Inelastic
Zero elastic
Unitary elastic
Correct answer is B
The numerical values for the PED coefficient could range from zero to infinity. In general, the demand for a good is said to be inelastic (or relatively inelastic) when the PED is less than one (in absolute value): that is, changes in price have a less than proportional effect on the quantity of the good demanded.