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One good reason for the elimination of middle men is that they
A firm's main aim is to
If there are no barriers to entering a market, it means that
In which of the following markets does a firm have power to make super normal profits both in the short run and long run?
A market structure where profit is maximized when marginal revenue, marginal cost and price are equal is known as
A firm will shut down in the long run if its earning is
The resource used in production are called
which of the following does not change in the short run?
The type of production that involve the tapping and harnessing of natural resources is
which of the following is not true about land?
A rational consumer is one who
When total utility is constant, it means marginal utility is
A consumer purchasing a commodity X will maximize his satisfaction if
price fixed above the equilibrium is to
if the current price of an apple is twice that of last year, it implies that the value of money is
A supply curve which is vertical has an elasticity co-efficient of
Palm oil and palm kernel have
If a 20% rise in price of Whiskey leads to a 30% increase in quantity demanded of Schnapps, the cross elasticity of demand is
The co-efficient of income elasticity of demand for inferior goods is
A normal demand curve slopes