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.Management Sciences
Category: Supply and Demand
A firm that breaks even after all economic costs are paid is earning ?
A. Economic profit
B. Accounting profit
C. Normal profit
D. Supernormal profit
The price of computer chips used in the manufacture of personal computers has fallen. This will lead to _________ personal computer?
A. a decrease in the quantity supplied of
B. a decrease in the supply of
C. an increase in the quantity supplied of
D. an increase in the supply of
An increase in the costs of production will ?
A. Shift demand outwards
B. Shift demand inwards
C. Shift supply outwards so more is supplied at each and every price, all other things unchanged
D. Shift supply inwards
The price decrease from Rs 2,000 to Rs 1,800 Quantity demanded per year increases 5000 to 6000 units. Which of the following is correct ?
A. The price elasticity of demand is -2
B. The good is inferior
C. Income elasticity is + 0.5
D. Income elasticity is + 2
If a 4% increase in price leads to a increase in the quantity supplied of 8% ?
A. Supply is price elastic
B. Supply is income elastic
C. Price elasticity of demand is -2
D. Price elasticity of supply is -2
The price elasticity of supply is +4 The price increases by 15% sales were originally 200 units What will they be now ?
A. 80 units
B. 320 units
C. 60 units
D. 120 units
Demand for a normal product may shift outwards if ?
A. Price decreases
B. The price of a substitute falls
C. The price of a complement rises
D. income falls
The Setrite Corporation produce chairs. An economist working for the firm predicts that if people’s incomes rise next year, then the demand for our chairs will for our chairs will increase ceteris paribus The accuracy of the economist’s prediction depends on whether the chairs Setrite Produce ?
A. have few substitutes.
B. are normal goods
C. have few complementary goods.
D. have many complementary goods.
Aggregate demand will increase if ?
A. consumption falls
B. investment falls
C. Exports fall
D. imports fall
Adding up the quantities demanded of a good by different people facing the same price gives us the ?
A. Supply curve
B. Market demand curve
C. Demand curve
D. Market supply curve
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