Economics - Study Mode

[#666] The supply of a commodity refers to
Correct Answer

(D) Amount of the commodity offered for sale at a particular price per unit of time

Explanation

Solution: The supply of a commodity refers to amount of the commodity offered for sale at a particular price per unit of time. Price of a commodity is determined by the demand for and supply of a commodity.

[#667] Economic rent can accrue to
Correct Answer

(D) Any of the factors of production

Explanation

Solution: Economic rent can accrue to any of the factors of production. Economic rent is any payment to an owner or factor of production in excess of the costs needed to bring that factor into production.

[#668] Under perfect competition
Correct Answer

(D) AR=MR

Explanation

Solution: Under perfect competition AR=MR. If the market price is unaffected by variations in the firm's output, then the firm's demand curve, its AR curve and MR curve will coincide in the same horizontal line.

[#669] When supply of a commodity increases without change in price, it is called
Correct Answer

(D) Rise in supply

Explanation

Solution: When supply of a commodity increases without change in price, it is called rise in supply.

[#670] One of the problems of India's Foreign Trade is
Correct Answer

(C) Unfavorable terms of trade