30 FREE ECONOMICS QUESTIONS
Zero price elastic demand of a commodity means that (a) the product has no value when it comes to price evaluation (b) the product is a public good, thus no price is to be paid to consume it (c) the quantity purchases of the product remain the same at all price level (d) the quantity purchases of the product can be changed to any level without any change in price
In economics, the pleasure, happiness or satisfaction received from product is called (a) Marginal cost (b) rational income (c) status fulfilment (d) utility
In short run, firms increase output by (a) increasing the amount of labour used (b) Decreasing the size of their plant (c) Increasing the size of their plant (d) decreasing the amount of labour used
If at 10k, 1000kg of yam were purchased and at 5k, 1500kg were produced, the resultant point elasticity of demand is (a) 0.33 (b) 0.0001 (c) 1 (d) 10,000
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