ECO232
Question: A table showing the quantity of commodity that consumers are willing and able to buy over given period of time at each price of the commodity is referred to as
Answer: Demand table
Question: A normal demand curve slopes
Answer: Downward
Question: The quantity of goods supplied and price exhibit a relationship
Answer: Positive
Question: Marginal revenue will be when total revenue is increasing.
Answer: Positive
Question: In an Edgeworth box, the locus of point is known as
Answer: Contract Curve
Question: A firm doubling its output for less than twice the cost is said to be enjoying _
Answer: Economies of Scale
Question: The Marginal Revenue Elasticity is stated as
Answer: P(1 – 1/e)
Question: All these are concepts of production function except
Answer: Ordinality
Question: The slope of the demand curve is due to
Answer: Utility
Question: The relationship between the quantity of a product that consumers are willing and able to buy over some given period and its price, other things remaining the same is referred to as
Answer: Demand
Question: A table showing the quantity of commodity that consumers are willing and able to buy over given period of time at each price of the commodity is referred to as
Answer: [A] Demand table
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