A. an inferior good
B. a normal good
C. a complementary good
D. a substitute good
If the demand for coffee decreases as income decreases, coffee is ? Read More »
Economics Mcqs, Supply and Demand A. complements
B. substitutes
C. inferior
D. nromal
A. Pepsi’s advertising is not as effective as in the past .
B. The price of Coca Cola has increased,
C. Pepsi consumers had an increase in income.
D. The price of Pepsi increased
The quantity demanded of Pepsi has decreased. The best explanation for this is that ? Read More »
Economics Mcqs, Supply and Demand A. have few substitutes.
B. are normal goods
C. have few complementary goods.
D. have many complementary goods.
A. Should increase output
B. Should reduce output
C. will require further information on how to respond
D. Should not change output
If both marginal cost and marginal revenue increase, a firm ? Read More »
Economics Mcqs, Supply and Demand A. Economic profit
B. Accounting profit
C. Normal profit
D. Supernormal profit
A firm that breaks even after all economic costs are paid is earning ? Read More »
Economics Mcqs, Supply and Demand A. marginal cost to increase, output to fall
B. marginal revenue to increase output to fall
C. opportunity cost to increase the firm will close
D. average cost will rise output will increase ____ output and an upward shift in marginal revenue ____ output
If a firm wage costs increase this will cause __________ and __________? Read More »
Economics Mcqs, Supply and Demand A. costs are minimized
B. revenue is maximized
C. average cost is less than average revenue
D. marginal cost equals marginal revenue
Profits are maximized when ? Read More »
Economics Mcqs, Supply and Demand A. marginal cost
B. opportunity cost
C. limited cost
D. average cost
The increase in total cost when one more unit is produced is known as ? Read More »
Economics Mcqs, Supply and Demand A. Supply curve
B. Market demand curve
C. Demand curve
D. Market supply curve
