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If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is
A decrease in aggregate spending in an economy will ultimately lead to
In national income accounting, tax is determined by the
An agreement among firms on price and segmentation is termed
The demand curve for factors of production
One of the characteristics of monopolistic competition is that
An industry's supply curve is more likely to be elastic when firms are
The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing
A firm enjoying economies of scale is said to be
In order to reduce hardship faced by consumers due to high prices government can introduce
In perfect competition,price is determined by the
If commodity X is a by-product of commodity Y , this implies that both commodities are
If the coefficient of price elasticity of supply is greater than one, the supply is said to be
A set of factors that can shift the supply curve are changes in
If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is
The law of diminishing marginal utility explains why
One of the assumptions of ordinal utility theory is that
If the price of a commodity with elastic demand increases, the revenue accruing to the producer will