5 Questions
What is the concept of iso-quant?
It shows all the combinations of inputs that yield the same level of output
What does income elasticity of demand measure?
Responsiveness of quantity demanded to a change in consumer income
What does the concept of producer’s equilibrium signify?
Maximizing output for a given cost level
What do TR, AR, and MR represent under monopoly?
$TR$ is Total Revenue, $AR$ is Average Revenue, $MR$ is Marginal Revenue
What is the relationship between TFC, TVC, and TC?
$TC = TFC + TVC$, where $TC$ is Total Cost, $TFC$ is Total Fixed Cost, and $TVC$ is Total Variable Cost
Test your knowledge of business economics with this quiz covering topics such as equilibrium price and quantity determination, demand forecasting methods, iso-quants, income elasticity of demand, demand forecasting significance, and production function types.
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