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If a firm doubles all inputs in the long run and the total output is less than doubled, this results in
The equilibrium point of a firm is attained at the point where the isoquant is
If all factors are variable in the long run,firms will experience
An important function of the price system is to
Fixing price above equilibrium will cause
The invisible hand promotes the interests of
The cost elasticity of supply is a useful instrument for measuring
If quantity supplied is constant irrespective of price changes, the supply elasticity is
The supply of cocoa is influenced by
When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he
Comparison of interpersonal utility is impossible because
If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be
A rise in income will, ceteris paribus, bring about
If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in
The sign of the slope of a graph in economic analysis is important because it
The privatization of public enterprises will lead to efficient management of resources in the economy.
This statement can best be described as
A major disadvantage of a socialist economy is that
Optimum population enables an economy to attain the highest level of
The profit of a monopolist can be eliminated where price equals