Economics - Study Mode
[#626] In . . . . . . . . market condition, the demand of commodity is completely elastic.
Correct Answer
(A) Perfect competiton
[#627] The term opportunity cost refers to
Correct Answer
(D) Cost of one product in term of production of others forgone
[#628] Moving along an indifference curve, if a consumer requires a small amount of the good measured along the Y-axis to make up one unit less of the good measured on the X-axis, then
Correct Answer
(D) The marginal rate of substitution is low and the indifference curve is shallow
[#629] The production function expresses the relationship between which of the following?
Correct Answer
(D) Input and output
[#630] 'Extension of demand' means
Correct Answer
(A) more quantity demanded at a lower price