Refer to the diagrams. In which case would the coefficient of income elasticity be negative?
A. A
B. B
C. C
D. D
B. B
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If the total cost of producing 20 units of output is $1,000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?
A) $65 B) $50 C) $15 D) It is impossible to determine without additional information.
A form of market structure characterised by few firms, each large enough to influence market price is;
(a) Perfect Competition. (b) Monopolistic Competition. (c) Monopoly. (d) Oligopoly.
If a firm's demand curve in a monopolistically competitive market is shifting left:
A. firms must be exiting the industry. B. economic profits must be increasing. C. competition is likely entering with similar products. D. None of these statements is true.
The CPI in period 1 is 300 and the CPI in period 2 is 150. The rate of inflation between period 1 and period 2 is
A. -100%. B. -60%. C. -50%. D. 33.33%.