Q3 of 50 Page 1

When does ‘change in demand’ take place?

A change in the demand for a good occurs when there is a change in the factor affecting the demand, other than the price of the good.


More from this chapter

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1

What is the relation between Average Variable Cost and Average Total Cost, if Total Fixed Cost is zero?

 2

A firm is able to sell any quantity of a good at a given price. The firm’s marginal revenue will be : (Choose the correct alternative)

a) Greater than Average Revenue


b) Less than Average Revenue


c) Equal to Average Revenue


d) Zero

 4

The differentiated product is a characteristic of (Choose the correct alternative) :

(a) Monopolistic competition only


(b) Oligopoly only


(c) Both monopolistic competition and oligopoly


(d) Monopoly

 5

Demand curve of a firm is perfectly elastic under : (Choose the correct alternative)

(a) Perfect competition


(b) Monopoly


(c) Monopolistic competition


(d) Oligopoly