All of the following describes conditions necessary for existence of a perfect market EXCEPT
Lack of homogeneity of goods
Perfect knowledge
Large buyers and sellers
Portability of goods
Correct answer is A
Lack of homogeneity of goods is not a characteristics or features of a perfect market. The features/ characteristics are: perfect knowledge about the market, there is free entry and exit, there are large number of buyers and sellers, the goods are portable and homogeneous, there is no preferential treatment etc
If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?
2
4
5
3
Correct answer is D
The supply curve of labour market is given as S = 4L + 8. To find the value of L when S = 20, we substitute S = 20 in the equation and solve for L. This gives us L = 3.
The quantity of commodity a consumer is willing and able to buy at a particular time is called
Supply
Wish
Demand
Desire
Correct answer is C
Demand for a commodity is its quantity which consumers are willing and able to buy at various prices during a given period of time.
The rate of output per worker (or group of workers) per unit time is called
Labour productivity
Total output
Individual output
Work done
Correct answer is C
Individual output is also called average product and it is calculated as:
| total output
total number of labour |
Economists refer to private goods as
Rivalrous and non-excludable
Rivalrous and excludable
non-rival and non- excludable
non-rival and excludable
Correct answer is B
They are goods that are divisible and to which principle of exclusion is fully applied. It is based on the following assumptions: Ability to pay, Rivalry in consumption, price is its basis, willingness to pay etc.