1
answer
0
watching
158
views
28 Sep 2019
Demand is elastic when the elasticity ofdemandis:
Select correct option:
Greater than 0
Greater than 1
Less than 1
Less than 0 The law of diminishing returns assumes:
Select correct option:
There are no fixed factors of production.
There are no variable factors of production.
Utility is maximised when marginal product falls.
Some factors of production are fixed. The law of diminishing marginal utility states:
Select correct option:
The supply curve slopes upward.
Your utility grows at a slower and slower rate as you consumemoreand more units of a good.
The elasticity of demand is infinite.
None of the given options. If there is a price ceiling, there will be:
Select correct option:
Shortages
Surpluses
Equilibrium
None of the given options.
A "Giffen good" is defined as one for which:
Select correct option:
Marginal utility is zero.
The demand curve is perfectly elastic.
The substitution effect is positive.
The demand curve is positively sloped.
The concave shape of the production possibilitiescurveillustrates:
Select correct option:
Increasing opportunity costs for both goods
Increasing opportunity cost for good X but not for good Y
Increasing opportunity cost for good Y but not for good X
Constant opportunity costs for both goods
Although there are many reasons why a market can benon-competitive,the principal economic difference between acompetitive and anon-competitive market is:
Select correct option:
The number of firms in the market.
The extent to which any firm can influence the price oftheproduct.
The size of the firms in the market.
The annual sales made by the largest firms in the market.
If marginal product is equal to average product:
Select correct option:
The total product will fall
The average product will not change
Average variable costs will fall
Total revenue will fall
The price elasticity of supply shows us:
Select correct option:
How steep the supply curve is
How fast supply responds to price
How much supply shifts when income changes
How much quantity supplied responds to price changes
Moving from left to right, the typical productionpossibilitiescurve:
Select correct option:
Has a constant negative slope
Has a constant positive slope
Illustrates increasing opportunity costs
Illustrates decreasing opportunity costs
Demand is elastic when the elasticity ofdemandis:
Select correct option:
Greater than 0
Greater than 1
Less than 1
Less than 0
Select correct option:
Greater than 0
Greater than 1
Less than 1
Less than 0
The law of diminishing returns assumes:
Select correct option:
There are no fixed factors of production.
There are no variable factors of production.
Utility is maximised when marginal product falls.
Some factors of production are fixed.
Select correct option:
There are no fixed factors of production.
There are no variable factors of production.
Utility is maximised when marginal product falls.
Some factors of production are fixed.
The law of diminishing marginal utility states:
Select correct option:
The supply curve slopes upward.
Your utility grows at a slower and slower rate as you consumemoreand more units of a good.
The elasticity of demand is infinite.
None of the given options.
Select correct option:
The supply curve slopes upward.
Your utility grows at a slower and slower rate as you consumemoreand more units of a good.
The elasticity of demand is infinite.
None of the given options.
If there is a price ceiling, there will be:
Select correct option:
Shortages
Surpluses
Equilibrium
None of the given options.
A "Giffen good" is defined as one for which:
Select correct option:
Marginal utility is zero.
The demand curve is perfectly elastic.
The substitution effect is positive.
The demand curve is positively sloped.
The concave shape of the production possibilitiescurveillustrates:
Select correct option:
Increasing opportunity costs for both goods
Increasing opportunity cost for good X but not for good Y
Increasing opportunity cost for good Y but not for good X
Constant opportunity costs for both goods
Although there are many reasons why a market can benon-competitive,the principal economic difference between acompetitive and anon-competitive market is:
Select correct option:
The number of firms in the market.
The extent to which any firm can influence the price oftheproduct.
The size of the firms in the market.
The annual sales made by the largest firms in the market.
If marginal product is equal to average product:
Select correct option:
The total product will fall
The average product will not change
Average variable costs will fall
Total revenue will fall
The price elasticity of supply shows us:
Select correct option:
How steep the supply curve is
How fast supply responds to price
How much supply shifts when income changes
How much quantity supplied responds to price changes
Moving from left to right, the typical productionpossibilitiescurve:
Select correct option:
Has a constant negative slope
Has a constant positive slope
Illustrates increasing opportunity costs
Illustrates decreasing opportunity costs
Select correct option:
Shortages
Surpluses
Equilibrium
None of the given options.
A "Giffen good" is defined as one for which:
Select correct option:
Marginal utility is zero.
The demand curve is perfectly elastic.
The substitution effect is positive.
The demand curve is positively sloped.
The concave shape of the production possibilitiescurveillustrates:
Select correct option:
Increasing opportunity costs for both goods
Increasing opportunity cost for good X but not for good Y
Increasing opportunity cost for good Y but not for good X
Constant opportunity costs for both goods
Although there are many reasons why a market can benon-competitive,the principal economic difference between acompetitive and anon-competitive market is:
Select correct option:
The number of firms in the market.
The extent to which any firm can influence the price oftheproduct.
The size of the firms in the market.
The annual sales made by the largest firms in the market.
If marginal product is equal to average product:
Select correct option:
The total product will fall
The average product will not change
Average variable costs will fall
Total revenue will fall
The price elasticity of supply shows us:
Select correct option:
How steep the supply curve is
How fast supply responds to price
How much supply shifts when income changes
How much quantity supplied responds to price changes
Moving from left to right, the typical productionpossibilitiescurve:
Select correct option:
Has a constant negative slope
Has a constant positive slope
Illustrates increasing opportunity costs
Illustrates decreasing opportunity costs
Kelleb MloyiLv2
28 Sep 2019
