A fall in the market demand, supply remaining the same results in
A) increase in equilibrium price
B) increase in equilibrium quantity
C) increase in equilibrium price and decrease in equilibrium quantity
D) both equilibrium price and quantity falls
Correct Answer:
Verified
Q4: At prices above the equilibrium price
A)quantity supplied
Q5: When MC cuts AC, AC is at
Q6: Cost function relates cost to
A)input
B)output
C)raw material
D)machines
Q7: An increase in market demand, supply remaining
Q8: There is no distinction between firm and
Q10: The cost of next best alternative is
Q11: When MC is greater than AC, AC
A)rises
B)falls
C)maximum
D)minimum
Q12: Supply curve represents -------- relationship between quantity
Q13: National Income means:
A)gnp at factor cost
B)gnp at
Q14: The difference between GDP and NDP equals:
A)transfer
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