ECO231 tutorial pdf | Campusflava https://campusflava.com Tutors, Past Questions and Projects. Sat, 19 Feb 2022 18:21:56 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.3 https://i0.wp.com/campusflava.com/wp-content/uploads/2023/01/cropped-CF.png?fit=32%2C32&ssl=1 ECO231 tutorial pdf | Campusflava https://campusflava.com 32 32 123014824 ECO231 Solutions https://campusflava.com/blog/eco231-solutions/ https://campusflava.com/blog/eco231-solutions/#respond Mon, 17 Jan 2022 18:53:59 +0000 https://campusflava.com/blog/eco231-solutions/ ECO231 Tma Solutions 1. Utility is defined as the __________ Degree of responsiveness of goods and services to price The amount of goods and services consumed —>> The level of satisfaction connected with alternative choices. None of the options 2. In production, at the point where price is greater than average variable cost, the firm […]

The post ECO231 Solutions first appeared on Campusflava.]]> ECO231 Tma Solutions

1. Utility is defined as the __________

Degree of responsiveness of goods and services to price

The amount of goods and services consumed

—>> The level of satisfaction connected with alternative choices.

None of the options

2. In production, at the point where price is greater than average variable cost, the firm is said to ______

Make profit

Break even

Make loss

—>> Shut down

3. The buyers and sellers of a factor are referred to as _________

Price maker

—>> Price taker

Price decider

None of the options

4. The relative price of good A in terms of good B is shown by the slope of the ________

—>> Budget line

Indifference curve

Isocost

Isoquant

5. A market situation whereby there is only a single firm providing all factors employment is referred to as ________

—>> Monopsony

Monopoly

Duopoly

Oligopoly

6. The slope of the indifference curve is also referred to as _______

Marginal Rate of Technical Substitution

—>> Marginal Rate of Substitution

Marginal Utility

Ordinal Utility

7. In a perfectly competitive market, an individual firm cannot influence the market price of a factor by increasing or decreasing _______

Price

Supply

—>> Demand

None of the options

8. Monopsony is a market situation in which there is only one ______ of the factors of production

Seller

—>> Buyer

Dealer

Factor

9. At the level of output at which demand is unit elastic, ________ is maximized

Fixed revenue

—>> Total revenue

Average revenue

Marginal Revenue

10. As equilibrium price fall in the long run, market supply will ______

—>> Increase

Decrease

Remain the same

None of the options

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The post ECO231 Solutions first appeared on Campusflava.]]> https://campusflava.com/blog/eco231-solutions/feed/ 0 70914 As equilibrium price fall in the long run, market supply will ______ https://campusflava.com/blog/as-equilibrium-price-fall-in-the-long-run-market-supply-will-______/ https://campusflava.com/blog/as-equilibrium-price-fall-in-the-long-run-market-supply-will-______/#respond Mon, 17 Jan 2022 18:53:03 +0000 https://campusflava.com/blog/as-equilibrium-price-fall-in-the-long-run-market-supply-will-______/ As equilibrium price fall in the long run, market supply will ______ —>> Increase Decrease Remain the same None of the options

The post As equilibrium price fall in the long run, market supply will ______ first appeared on Campusflava.]]> As equilibrium price fall in the long run, market supply will ______

—>> Increase

Decrease

Remain the same

None of the options

The post As equilibrium price fall in the long run, market supply will ______ first appeared on Campusflava.]]> https://campusflava.com/blog/as-equilibrium-price-fall-in-the-long-run-market-supply-will-______/feed/ 0 70913 At the level of output at which demand is unit elastic, ________ is maximized https://campusflava.com/blog/at-the-level-of-output-at-which-demand-is-unit-elastic-________-is-maximized/ https://campusflava.com/blog/at-the-level-of-output-at-which-demand-is-unit-elastic-________-is-maximized/#respond Mon, 17 Jan 2022 18:52:59 +0000 https://campusflava.com/blog/at-the-level-of-output-at-which-demand-is-unit-elastic-________-is-maximized/ At the level of output at which demand is unit elastic, ________ is maximized Fixed revenue —>> Total revenue Average revenue Marginal Revenue

The post At the level of output at which demand is unit elastic, ________ is maximized first appeared on Campusflava.]]> At the level of output at which demand is unit elastic, ________ is maximized

Fixed revenue

—>> Total revenue

Average revenue

Marginal Revenue

The post At the level of output at which demand is unit elastic, ________ is maximized first appeared on Campusflava.]]> https://campusflava.com/blog/at-the-level-of-output-at-which-demand-is-unit-elastic-________-is-maximized/feed/ 0 70912 Monopsony is a market situation in which there is only one ______ of the factors of production https://campusflava.com/blog/monopsony-is-a-market-situation-in-which-there-is-only-one-______-of-the-factors-of-production/ https://campusflava.com/blog/monopsony-is-a-market-situation-in-which-there-is-only-one-______-of-the-factors-of-production/#respond Mon, 17 Jan 2022 18:52:53 +0000 https://campusflava.com/blog/monopsony-is-a-market-situation-in-which-there-is-only-one-______-of-the-factors-of-production/ Monopsony is a market situation in which there is only one ______ of the factors of production Seller —>> Buyer Dealer Factor

The post Monopsony is a market situation in which there is only one ______ of the factors of production first appeared on Campusflava.]]> Monopsony is a market situation in which there is only one ______ of the factors of production

Seller

—>> Buyer

Dealer

Factor

The post Monopsony is a market situation in which there is only one ______ of the factors of production first appeared on Campusflava.]]> https://campusflava.com/blog/monopsony-is-a-market-situation-in-which-there-is-only-one-______-of-the-factors-of-production/feed/ 0 70911 In a perfectly competitive market, an individual firm cannot influence the market price of a factor by increasing or decreasing _______ https://campusflava.com/blog/in-a-perfectly-competitive-market-an-individual-firm-cannot-influence-the-market-price-of-a-factor-by-increasing-or-decreasing-_______/ https://campusflava.com/blog/in-a-perfectly-competitive-market-an-individual-firm-cannot-influence-the-market-price-of-a-factor-by-increasing-or-decreasing-_______/#respond Mon, 17 Jan 2022 18:52:50 +0000 https://campusflava.com/blog/in-a-perfectly-competitive-market-an-individual-firm-cannot-influence-the-market-price-of-a-factor-by-increasing-or-decreasing-_______/ In a perfectly competitive market, an individual firm cannot influence the market price of a factor by increasing or decreasing _______ Price Supply —>> Demand None of the options

The post In a perfectly competitive market, an individual firm cannot influence the market price of a factor by increasing or decreasing _______ first appeared on Campusflava.]]> In a perfectly competitive market, an individual firm cannot influence the market price of a factor by increasing or decreasing _______

Price

Supply

—>> Demand

None of the options

The post In a perfectly competitive market, an individual firm cannot influence the market price of a factor by increasing or decreasing _______ first appeared on Campusflava.]]> https://campusflava.com/blog/in-a-perfectly-competitive-market-an-individual-firm-cannot-influence-the-market-price-of-a-factor-by-increasing-or-decreasing-_______/feed/ 0 70910 The slope of the indifference curve is also referred to as _______ https://campusflava.com/blog/the-slope-of-the-indifference-curve-is-also-referred-to-as-_______/ https://campusflava.com/blog/the-slope-of-the-indifference-curve-is-also-referred-to-as-_______/#respond Mon, 17 Jan 2022 18:52:44 +0000 https://campusflava.com/blog/the-slope-of-the-indifference-curve-is-also-referred-to-as-_______/ The slope of the indifference curve is also referred to as _______ Marginal Rate of Technical Substitution —>> Marginal Rate of Substitution Marginal Utility Ordinal Utility

The post The slope of the indifference curve is also referred to as _______ first appeared on Campusflava.]]> The slope of the indifference curve is also referred to as _______

Marginal Rate of Technical Substitution

—>> Marginal Rate of Substitution

Marginal Utility

Ordinal Utility

The post The slope of the indifference curve is also referred to as _______ first appeared on Campusflava.]]> https://campusflava.com/blog/the-slope-of-the-indifference-curve-is-also-referred-to-as-_______/feed/ 0 70909 Utility is defined as the __________ https://campusflava.com/blog/utility-is-defined-as-the-__________/ https://campusflava.com/blog/utility-is-defined-as-the-__________/#respond Mon, 17 Jan 2022 18:52:34 +0000 https://campusflava.com/blog/utility-is-defined-as-the-__________/ Utility is defined as the __________ Degree of responsiveness of goods and services to price The amount of goods and services consumed —>> The level of satisfaction connected with alternative choices. None of the options

The post Utility is defined as the __________ first appeared on Campusflava.]]> Utility is defined as the __________

Degree of responsiveness of goods and services to price

The amount of goods and services consumed

—>> The level of satisfaction connected with alternative choices.

None of the options

The post Utility is defined as the __________ first appeared on Campusflava.]]> https://campusflava.com/blog/utility-is-defined-as-the-__________/feed/ 0 70908 A market situation whereby there is only a single firm providing all factors employment is referred to as ________ https://campusflava.com/blog/a-market-situation-whereby-there-is-only-a-single-firm-providing-all-factors-employment-is-referred-to-as-________/ https://campusflava.com/blog/a-market-situation-whereby-there-is-only-a-single-firm-providing-all-factors-employment-is-referred-to-as-________/#respond Mon, 17 Jan 2022 18:52:29 +0000 https://campusflava.com/blog/a-market-situation-whereby-there-is-only-a-single-firm-providing-all-factors-employment-is-referred-to-as-________/ A market situation whereby there is only a single firm providing all factors employment is referred to as ________ —>> Monopsony Monopoly Duopoly Oligopoly

The post A market situation whereby there is only a single firm providing all factors employment is referred to as ________ first appeared on Campusflava.]]> A market situation whereby there is only a single firm providing all factors employment is referred to as ________

—>> Monopsony

Monopoly

Duopoly

Oligopoly

The post A market situation whereby there is only a single firm providing all factors employment is referred to as ________ first appeared on Campusflava.]]> https://campusflava.com/blog/a-market-situation-whereby-there-is-only-a-single-firm-providing-all-factors-employment-is-referred-to-as-________/feed/ 0 70907 In production, at the point where price is greater than average variable cost, the firm is said to ______ https://campusflava.com/blog/in-production-at-the-point-where-price-is-greater-than-average-variable-cost-the-firm-is-said-to-______/ https://campusflava.com/blog/in-production-at-the-point-where-price-is-greater-than-average-variable-cost-the-firm-is-said-to-______/#respond Mon, 17 Jan 2022 18:52:24 +0000 https://campusflava.com/blog/in-production-at-the-point-where-price-is-greater-than-average-variable-cost-the-firm-is-said-to-______/ In production, at the point where price is greater than average variable cost, the firm is said to ______ Make profit Break even Make loss —>> Shut down

The post In production, at the point where price is greater than average variable cost, the firm is said to ______ first appeared on Campusflava.]]> In production, at the point where price is greater than average variable cost, the firm is said to ______

Make profit

Break even

Make loss

—>> Shut down

The post In production, at the point where price is greater than average variable cost, the firm is said to ______ first appeared on Campusflava.]]> https://campusflava.com/blog/in-production-at-the-point-where-price-is-greater-than-average-variable-cost-the-firm-is-said-to-______/feed/ 0 70906 The relative price of good A in terms of good B is shown by the slope of the ________ https://campusflava.com/blog/the-relative-price-of-good-a-in-terms-of-good-b-is-shown-by-the-slope-of-the-________/ https://campusflava.com/blog/the-relative-price-of-good-a-in-terms-of-good-b-is-shown-by-the-slope-of-the-________/#respond Mon, 17 Jan 2022 18:52:10 +0000 https://campusflava.com/blog/the-relative-price-of-good-a-in-terms-of-good-b-is-shown-by-the-slope-of-the-________/ The relative price of good A in terms of good B is shown by the slope of the ________ —>> Budget line Indifference curve Isocost Isoquant

The post The relative price of good A in terms of good B is shown by the slope of the ________ first appeared on Campusflava.]]> The relative price of good A in terms of good B is shown by the slope of the ________

—>> Budget line

Indifference curve

Isocost

Isoquant

The post The relative price of good A in terms of good B is shown by the slope of the ________ first appeared on Campusflava.]]> https://campusflava.com/blog/the-relative-price-of-good-a-in-terms-of-good-b-is-shown-by-the-slope-of-the-________/feed/ 0 70905