A. Economic profit
B. Accounting profit
C. Normal profit
D. supernormal profit
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An upward shift in marginal cost _____ output and an upward shift in marginal revenue ______ output?
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Marginal revenue is the ________ when output is __________?
A. reduces; reduces
B. reduces; increases
C. increases; increases
D. increases; reduces
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Firms are assumed to ________ costs and to ________ profits?
A. Change in average revenue, increased
B. Change in total revenue, increase by one unit
C. change in average revenue, increased by one unit
D. change in total revenue increased
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The extra utility from consuming one more unit of a good is called ?
A. incur, desire
B. pay, make
C. charge earns
D. minimize, maximize
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The opportunity cost of a student is____________?
A. Marginal utility
B. Additional utility
C. Surplus utility
D. Bonus utility
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If your income doubles and the prices of the goods you buy double then your demand for these goods will likely?
A. Course fees and rent
B. A loan from the bank
C. What the student could have earned in the best job available by not studying
D. What the student will earn after graduation
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A measurement showing how quantity demanded varies with income is the ?
A. increase
B. not change
C. decrease
D. shift
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The price elasticity of demand measures ?
A. Price elasticity of demand
B. Cross-price elasticity of demand
C. budget elasticity of demand
D. income elasticity of demand
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Increased level consumption ?
A. The responsiveness of quantity demanded to a change in price
B. How far a demand curve shifts
C. a change in price
D. a change in quantity demanded