Which of the following market situations explains marginal cost equal to price for attaining equilibrium?
A. | Perfect competition |
B. | Oligopoly |
C. | Monopoly and imperfect competition |
D. | Monopoly only |
Option: A Explanation : Click on Discuss to view users comments. |
Which of the following persons is engaged in "secondary production"?
(1) A bricklayer
(2) An automobile assembly-line worker
(3) An accountant
(4) A cinema projectionist
A. | 1, 2, 3 and 4 |
B. | 1 and 2 only |
C. | |
D. | 2 and 3 only |
Option: B Explanation : 1 only Click on Discuss to view users comments. |
The marginal utility of a product is measured by
A. | total cost. |
B. | average cost. |
C. | marginal cost. |
D. | price. |
Option: D Explanation : Click on Discuss to view users comments. |
Which of the following does not have a uniform elasticity of demand at all points?
A. | A horizontal demand curve |
B. | A vertical demand curve |
C. | A rectangular hyperbola demand curve |
D. | A downward sloping demand curve |
Option: C Explanation : Click on Discuss to view users comments. |