The excess profit made by a firm in a competitive market situation in the short-term is known as
Break even
Marginal profit
Net profit
Normal profit
Super normal profit
Correct answer is E
No explanation has been provided for this answer.
Bears
Brokers
Bulls
Jobbers
Stags
Correct answer is C
No explanation has been provided for this answer.
Which of the following is true about average cost?
Fixed cost/quantity
Marginal + Fixed cost
Quantity × Fixed cost
Total cost/quantity
Total cost - fixed cost Quantity
Correct answer is D
No explanation has been provided for this answer.
The most generally accepted definition of Economics was given by
Adam Smith
David Ricardo
Lord Robinson
Thomas Mathus
Sam Aluko
Correct answer is C
No explanation has been provided for this answer.
In a socialist economic system, decisions relating to the fundamental economic problems are taken by
Academician
Government
Individuals
Judiciary
Manufacturers
Correct answer is B
No explanation has been provided for this answer.