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Economics, as a secondary school subject studies social behavior guiding the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society.
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If X represents the factors of production and Y represent the factor price, which of the following sets of association iscorrect?
If the cost of production for a firm continues to increase as it output rises, the firm is said to be experiencing?
Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the?
If a 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1,500kg were purchased, the resultant point elasticity of demand is?
If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is?
Which of the following factors is an important determinant of the magnitude of price elasticity of demand?
The marginal theory of distribution makes an assertion that the price of any factor depends upon its marginal?
In order to increase its profit margin, the monopolist can manipulate
For purely competitive industry, a fundamental requirement of the demand curve faced by individual firms is that it should be?
Related Lesson: How Perfectly Competitive Firms Make Output Decisions | Perfect CompetitionPost Comment
The merging of firmsengage in different stages of production and marketing is called?