A firm pays a yearly factory license even if it produces nothing. This payment is treated as A Fixed cost
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Chapter 4: Costs and Revenue (Set-2)
Even if a shop sells nothing for a day, which cost generally remains the same A Raw materials B Shop
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In a factory, rent is paid even when output is zero. This cost is best classified as A Variable cost
Continue readingChapter 3: Producer Behaviour and Supply (Set-5)
A supply schedule is best described as a table showing A Demand at prices B Costs at output C Profit
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A supply schedule is best described as a table showing A Demand at prices B Costs at output C Profit
Continue readingChapter 3: Producer Behaviour and Supply (Set-3)
A supply schedule is best described as a table showing A Demand at prices B Costs at output C Profit
Continue readingChapter 3: Producer Behaviour and Supply (Set-2)
The law of supply shows the relationship between price and A Demand level B Consumer income C Quantity supplied D
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In the law of supply, what usually happens to quantity supplied when price rises (other factors unchanged) A Falls immediately
Continue readingChapter 2: Consumer Behaviour and Demand (Set-5)
A demand curve can slope upward in the case of a Giffen good mainly because A Strong taste effect B
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A consumer’s “demand” for a good exists only when there is both desire and A Seller discount B Free delivery
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