ECO231
The net benefit received by producers from the sale of a good is referred to as
Answer: producer surplus
The revealed preference theory is centred of number of assumptions
Answer: 2
The demand for a product due to the demand for another intermediate or final good is termed demand
Answer: derived
The price paid for the use of entrepreneur is
Answer: profit
The break even point is the point where market price is equal to the minimum point on the curve
Answer: average total cost
Total revenue is maximised at the level of output at which demand is elastic
Answer: unit
In the marginal productivity theory, there are number of assumptions
Answer: 7
In the long run, as market supply increases, equilibrium price will
Answer: fall
Coumot-Nash model is a model
Answer: oligopoly
Price leadership is also referred to as collusion
Answer: tacit
When faced with alternatives, consumers will choose the alternative that provides the highest level of
Answer: utility
The slope of an indifference curve is also known as
Answer: marginal rate of substitution
A market where there are a few sellers with similar or identical products is referred to as market
Answer: oligopoly
When MR = MC, is said to be maximized
Answer: profit
In production, at the point of a firm shut down, price is
Answer: greater than average variable cost
collusion results when two or more firms reach a formal agreement
Answer: explicit
In an imperfect factor market, firms can influence
Answer: price
market is known to have the characteristics of both a perfect competitive market and a monopoly market
Answer: monopolisée
theory posited that utility is measurable
Answer: cardinal theory
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