Question:

On the basis of competition, markets are classified into __________ types.

A.

2

B.

3

C.

4

D.

5

Answer» a. 2

Question:

When the price elasticity of demand is equal to one, the demand curve is

A.

rectangular hyperbola

B.

parallel to the horizontal axis.

C.

parallel to the vertical axis

D.

negatively sloped straight line

Answer» a. rectangular hyperbola

Question:

Quantity Theory of Money states that 3

A.

Price Level is directly proportional to Money Supply

B.

Price Level is inversely proportional to Money Supply

C.

Price Level is not related to Money Supply

D.

Price Level is inversely related to Money Demand

Answer» a. Price Level is directly proportional to Money Supply