What is an example of a homogenous product?
Water
Cellphones
Shoes
Computers
An increase in income would shift the demand curve
To the right
to the left
wouldnt shift it
If the total fixed cost is 40000, what would be the average fixed cost for 160 products
800
250
640000
25
Poor communication, Lack of motivation, lack of direction are examples of:
External D.O.S
External E.O.S
Internal D.O.S
Internal E.O.S
What is an example of an inelastic good
Cigarettes
Airplane tickets
Which curve shows all SRATC curves together
SRAS
LRATC
AD
AS
At perfect competition how many firms are assumed to exist
None
1
100
Infinite
To measure elasticity demand, one has to divide change in quantity demanded by...
change in supply
change in income
change in price level
quantity
What is the economic term for the profit that could have been made?
Explicit costs
implicit costs
Total revenue
accounting profit
There are no barriers of entry and exit in a...
Monopoly
Duopoly
Multiple firm market
Perect competition market
