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*Please Correct me, if you find any mistake.
The cross-price elasticity of demand of complements goods is:
Less than 0.
Equal to 0.
Greater than 0.
Between 0 and 1.
When government sets the price of a good and that price is above the equilibrium price, the result will be:
A surplus of the good.
A shortage of the good.
An increase in the demand for the good.
A decrease in the supply of the good.
There will be excess supply in the market due to:
All of the given options,
Suppose firm is producing 800 units of a product by employing 40 units of labor and 20 units of capital. If the marginal physical product of labor (MPPL) and the marginal physical product of capital (MPPK) are 20 units and 25 units respectively, then marginal rate of technical substitution is:
For a monopolist, changes in demand will lead to changes in:
Price with no change in output.
Output with no change in price.
Both price and quantity.
Any of the above is possible.
It is expected that the sign of cross price elasticity of demand between two complementary goods would be:
If Nestle Company has elastic demand for nestle juices, then increase in price of Nestle juices will:
Increase total revenue.
Decrease total revenue.
Bring no change in total revenue.
Decrease marginal revenue.
The production possibility frontier (PPF) shows all combinations of goods that:
Society most desires.
Lie outside the curve.
Reflect full production.
An economy can produce with all available resources.
If the cross price elasticity of demand between two products is -3.5, then:
One of the products is expensive and one is relatively inexpensive.
One product is a normal good and the other is an inferior good.
The two products are complements.
The two products are substitutes.
Marginal Cost is defined as the derivative of _________ with respect to the quantity produced.
Average Variable Cost