Total revenue can be obtained by multiplying
Price by quantity sold
Averages revenue by the demand
Marginal revenue by marginal cost
Average revenue plus marginal revenue
Average cost by variable cost
Correct answer is A
Total revenue can be obtained by multiplying the quantity of output sold by the market price of the product (P.Q)
For a monopolist, the demand curve is
Inelastic
Perfectly elastic
Perfectly inelastic
Elastic
Unitary elastic
Correct answer is C
No explanation has been provided for this answer.
Of what importance is a wholesaler in the chain of distribution?
Creation of artificial scarcity
Bulk breaking
Formation of trade unionism
Hoarding of goods
Making prompt payment to producers
Correct answer is B
No explanation has been provided for this answer.
In a free market economy, wages are determined by
The employees
The employers
Trade unions
Interaction of demand and supply forces
The government
Correct answer is D
No explanation has been provided for this answer.
Which of the following is NOT a reason for the absence of an industry in the rural areas?
Absence of financial institution
Restricted market
Inadequate power and water supply
Inadequate transportation
Presence of external economies
Correct answer is E
External economies of scale are business-enhancing factors that happen outside a company but within the same industry. It has to do with the availability of skilled labor, banking facilities, transportation, communication, etc within a company.
Option E is the correct option because rural areas lack most of the things that make up a company's external economies of scale.