When the slope of a demand curve is zero (also known as vertical demand curve) then elasticity will be:
Zero (perfectly inelastic)
Equal to one (unitary elastic)
Infinite (perfectly elastic)
None of the above
- To calculate the Economic Profit we must deduct which of the following cost from our total revenues?
- Cross-elasticity of demand is measured as:
- The cost of firms in cournot model are:
- Rent is a creation of value, not of wealth who made this observation?
- A normal profit is:
- With the decrease in marginal valuation of a specific commodity, the price offered by the people:
- Price-taker firms:
- The horizontal demand curve for a commodity shows that its demand is:
- Law of Substitution in production was presented by:
- In case of monopoly:
- Cardinal approach includes arranging:
- If a ten percent increase in price causes a ten percent reduction in quantity demanded, elasticity of…
- On the total utility curve the economically relevant range is the portion over which:
- When total product increases at a decreasing rate:
- The economic problem of determining the combination of inputs yielding lowest cost for producing a given…
- Production indifference curve (isoquant) is a curve which shows:
- Change in demand (rise and fall of demand) is:
- In the case of a normal goods, the income effect:
- When total revenues equal to total opportunity cost then the firm will earn:
- In the case of a giffen good, the income effect:
- By saying that monopolist create a contrived scarcity, economist mean that monopolist:
- In modern theory of costs, a firm normally utilizes:
- If the price of a product falls which of the following would occur?
- Each firm in cournot model can:
- By reducing the prices of its products below those of its competitors, a perfectly competitive seller:
- An inferior good/ commodity is inferior for:
- Each short run average cost curve:
- The Purchasing Power Parity (PPP) Theory is presented by:
- MC is given by:
- The equilibrium level of output for the pure monopolist is where: