ECO824
Question: Business organization problems that fall within the control of management is referred to as
Answer: Operational problem
Question: Sales Revenue maximisation was propounded by
Answer: W. J. Baumol
Question: The multiplication of price by quantity will give
Answer: Total revenue
Question: At profit maximization point,
Answer: MR = MC
Question: All goods and services that goes into the production process is known as
Answer: Input
Question: A summation of individual demand schedule is known as
Answer: Market Demand schedule
Question: In a demand function regression models, the determinant of demand is referred to as the
Answer: Independent variable
Question: The theory positing that profits arise in a dynamic economy, not in a static economy is known as
Answer: Clark’s Dynamic Theory
Question: Accounting Profit =
Answer: TR (w + r + I + m)
Question: The degree of responsiveness of demand to changes in the consumer’s income is referred to as
Answer: Income Elasticity of Demand
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