21
In a car assembly plant, division of labour is demonstrated by
A
assigning each worker to a specific activity
B
assigning each worker a given number to produce
C
increasing the daily output
D
producing a specific model
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Under perfect competition, the short-run supply curve of a firm is determined by its
C
average fixed cost curve
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The hoarding of goods is usually experienced when
A
supply is greater than demand
B
the market price above the equilibrium price
C
demand is greater than supply
D
excess demand is greater than excess supply
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The technical relationship between input combination and maximum attainable output is called
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If the marginal utility of the last unit of commodity X at N2 is 16 and that of commodity Y at N 4 is 24, the consumer will be at equilibrium when
A
the price-quantity ratios are equal
B
equal amounts of X and Y are consumed
C
less of Y and more of X are consumed
D
less of X and more of Y are consumed
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A buyer who haggles in the market is applying the principle of
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An inverse relationship between price and quantity demanded implies that
A
the two variables change in opposite directions
B
the two variables change in the same direction
C
only one variable changes
D
the two variables remain unchanged
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When the marginal utility of a commodity is zero the total utility is
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Economic freedom is a basic feature of economy
A
an industrialized economy
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If elasticity of demand is greater than I and less than infinity, demand is said to be
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