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The law of diminishing marginal returns relate to?
All the following are methods of determing prices except?
which of the following will not affect the market price of a commodity
In order to calculate total utility (TU) from given levels of marginal utility (MU), one has to?
if the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a
Government revenue will increase if taxes are levied on goods with?
if a given change in price brings a proportionately larger change in quantity demanded, the
The market supply curve slopes upward from left to right indicating that?
increase in production subsidies will shift
which of the following is not a reason for abnormal demand
If the price of floor rises, then bread
which of the following is not an effect of many middlemen in the chain of production
A disadvantage of the mean as measure of central tendency is that?
The following constitute the criteria for identifying an economic system except?
An outward shift of the production possibility curve shows that?
which of the following can be described as land
Economics is regarded as a science because it?
Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0.25P. Qs is the quantity supplied and P is the price. Determine the quantity supplied when the price per liter is N30
From the diagram, determine the profit-maximizing output