Economics 1
- Created by: owenatkinson1
- Created on: 19-05-19 14:32
Other questions in this quiz
2. In a demand function the relationship between price and quantity demanded for a normal good is:
- constant
- none of the above
- direct
- inverse
- linear
3. Opportunity cost is related to:
- the cost of a substitute
- total revenue
- marginal cost
- forgone alternatives
- average cost
4. A shift of the supply curve to the left means:
- no change in supply for the corresponding prices
- less is supplied for the corresponding prices
- less will be demanded
- more is supplied for the corresponding prices
- more will be demanded
5. Fixed costs in the short run
- must be greater than revenue
- vary with output
- are fixed by the government
- do not vary in direct proportion to output
- include variable costs
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