A. Utility
B. Necessity
C. Commodity
D. Stock
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What refers to the amount of a product made available for sale ?
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“When one of the factors of production is fixed in quantity or is difficult to increase, increasing the other factors of production will result in a less than proportionate increase in output”. This statement is known as the______________?
A. Supply
B. Demand
C. Product
D. Good
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“Under conditions of perfect competition, the price at which any given product will be supplied and purchased is the price that will result in the supply and the demand being equal.” This statement is known as the_________________?
A. Law of diminishing return
B. Law of supply
C. Law of demand
D. Law of supply and demand
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What refers to the need, want or desire for a product backed by the money to purchase it ?
A. Law of diminishing return
B. Law of supply
C. Law of demand
D. Law of supply and demand
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A _____________ is a market situation where economies of scale are so significant that cost are only minimized when the entire output of an industry is supplied by a single producer so that the supply costs are lower under monopoly that under perfect competition ?
A. Supply
B. Demand
C. Product
D. Good
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Aside from many sellers and many buyers, which one is a characteristic of perfect competition ?
A. Perfect monopoly
B. Bilateral monopoly
C. Natural monopoly
D. Ordinary monopoly
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What is the opposite of perfect competition ?
A. Homogeneous product
B. Free market entry and exit
C. Perfect information and absence of all economic friction
D. All of the above
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Duopoly is a market situation where there is/are____________?
A. Monopsony
B. Oligopoly
C. Oligopsony
D. Monopoly
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What is another term for “perfect competition” ?
A. Few sellers and few buyers
B. Few sellers and many buyers
C. Many sellers and few buyers
D. One seller and few buyers
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