A. Horizontal
B. Vertical
C. Downward Sloping
D. Upward Sloping
Normally a demand curve will have the shape:_________? Read More »
Economics Mcqs, Supply and Demand A. Economic profit
B. Accounting profit
C. Normal profit
D. supernormal profit
A firm that makes profit in addition to normal profit is making ? Read More »
Economics Mcqs, Supply and Demand A. reduces; reduces
B. reduces; increases
C. increases; increases
D. increases; reduces
A. Change in average revenue, increased
B. Change in total revenue, increase by one unit
C. change in average revenue, increased by one unit
D. change in total revenue increased
Marginal revenue is the ________ when output is __________? Read More »
Economics Mcqs, Supply and Demand A. incur, desire
B. pay, make
C. charge earns
D. minimize, maximize
Firms are assumed to ________ costs and to ________ profits? Read More »
Economics Mcqs, Supply and Demand A. Marginal utility
B. Additional utility
C. Surplus utility
D. Bonus utility
The extra utility from consuming one more unit of a good is called ? Read More »
Economics Mcqs, Supply and Demand A. Course fees and rent
B. A loan from the bank
C. What the student could have earned in the best job available by not studying
D. What the student will earn after graduation
The opportunity cost of a student is____________? Read More »
Economics Mcqs, Supply and Demand A. increase
B. not change
C. decrease
D. shift
A. Price elasticity of demand
B. Cross-price elasticity of demand
C. budget elasticity of demand
D. income elasticity of demand
A measurement showing how quantity demanded varies with income is the ? Read More »
Economics Mcqs, Supply and Demand A. The responsiveness of quantity demanded to a change in price
B. How far a demand curve shifts
C. a change in price
D. a change in quantity demanded
The price elasticity of demand measures ? Read More »
Economics Mcqs, Supply and Demand