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.
Competitive demand
Complementary demand
Composite demand
Independent demand
Correct answer is B
Complementary demand occurs when the demand for a particular product leads to the demand for a related but different product. It is also known as joint demand. For instance, the demand for computer systems would lead to a corresponding demand for software because computers cannot function without software.
When there is a change in the prices of computers, it will also affect the prices of software.
II & III only
I & II only
I, II & III only
II only
III only
Correct answer is B
No explanation has been provided for this answer.