Author: Study Clue

Supply in economics refers to A Stock of goods available B Quantity producers wish to sell at different prices C

Consumer surplus refers to A Difference between total utility and total expenditure B Excess of price over willingness to pay

Elasticity of demand measures the A Change in demand B Change in quantity demanded C Responsiveness of demand to changes

Utility in economics refers to A Satisfaction derived from consumption B Usefulness measured in money C Market value of a

Demand in economics refers to A Desire for a commodity B Desire backed by willingness and ability to pay C

The concept of scarcity in economics implies that A All wants can be fulfilled B Resources exceed wants C Wants

Economics is concerned with efficiency because it seeks to A Eliminate all inequalities B Maximize output from given resources C

The definition of economics given by Robbins is considered superior mainly because it A Focuses only on wealth B Includes

Economics is best defined as a social science because it primarily studies A Individual psychological behavior B Human behavior in