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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

Please do not use chat terms. Example: avoid using "grt" instead of "great".

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  1. When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?
  2. In short run:
  3. In the case of an inferior commodity, the income-elasticity of demand is:
  4. With an increase in income, consumer is expected to buy more of:
  5. The basic subject matter of economics is:
  6. According to Chamberline, in monopolistic competition, differentiation is determined by:
  7. In the long-run competitive equilibrium:
  8. Total profits are maximized at the point where:
  9. Indifference curve approach (ordinal approach) is superior to utility approach (cardinal approach) because:
  10. The equilibrium conditions, MC = MR = AR = AC, will happen:
  11. Monopolistic firm can fix:
  12. If in the long run all factor inputs are increased three times and the resulting output is four times…
  13. When elasticity of demand is one (e=1), then following the formula MR=P[1-1/e], the MR will:
  14. Income distribution effects:
  15. The demand curve of giffen goods will be:
  16. Price discrimination is undertaken with the aim of:
  17. Formulation of an economic theory involves:
  18. Under competitive conditions, the industry will be in equilibrium:
  19. In case of monopoly, the slope of MR is:
  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:
  22. Total utility and price are:
  23. Other things remaining the same, when a consumers income increases his equilibrium point moves to:
  24. Duopoly is a market where there are:
  25. Under the law of variable proportions, the average and the marginal product of the variable factor would…
  26. In a perfectly competitive market, suppliers must know:
  27. The cost of firms in cournot model are:
  28. The demand for cigarettes is price inelastic implying a unit tax on this commodity will
  29. Government planners play a central role in allocating resources:
  30. All money costs can be regarded as: