Business Economics Quiz: Equilibrium, Demand Forecasting, and Production Function
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Questions and Answers

What is the concept of iso-quant?

  • It represents the relationship between price and quantity demanded
  • It measures the responsiveness of quantity demanded to a change in price
  • It shows all the combinations of inputs that yield the same level of output (correct)
  • It illustrates the relationship between total cost and quantity produced

What does income elasticity of demand measure?

  • Responsiveness of quantity demanded to a change in consumer income (correct)
  • Sensitivity of demand to changes in promotional activities
  • Effect of a change in price on total revenue
  • Relationship between price and quantity demanded

What does the concept of producer’s equilibrium signify?

  • Maximizing cost for a given level of output
  • Maximizing output for a given cost level (correct)
  • Minimizing output for a given cost level
  • Minimizing cost for a given level of output

What do TR, AR, and MR represent under monopoly?

<p>$TR$ is Total Revenue, $AR$ is Average Revenue, $MR$ is Marginal Revenue (A)</p> Signup and view all the answers

What is the relationship between TFC, TVC, and TC?

<p>$TC = TFC + TVC$, where $TC$ is Total Cost, $TFC$ is Total Fixed Cost, and $TVC$ is Total Variable Cost (A)</p> Signup and view all the answers

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