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In a competitive market, price is determined primarily by:

A. Transportation costs

B. The interplay of demand and supply

C. Costs of production

D. The marginal product of labour

Correct Answer : B.


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  2. In short run:
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  5. The basic subject matter of economics is:
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  8. Total profits are maximized at the point where:
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  10. The equilibrium conditions, MC = MR = AR = AC, will happen:
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  12. If in the long run all factor inputs are increased three times and the resulting output is four times…
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  20. The number of sellers in oligopoly are:
  21. A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand:
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  23. Other things remaining the same, when a consumers income increases his equilibrium point moves to:
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  25. Under the law of variable proportions, the average and the marginal product of the variable factor would…
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  28. The demand for cigarettes is price inelastic implying a unit tax on this commodity will
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