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1 . Demand is a function of
A. Firm B. Cost
C. Price D. Product 

2 . The kinked demand curve explains
A. Demand flexibility B. Demand rigidity
C. Price flexibility D. Price rigidity

3 . Imperfect competition was introduced by
A. Chamberlin B. Marshall
C. Keynes D. None of these

4 . A situation in which the number of competing firms is relatively small is known as
A. Monopoly B. Oligopoly
C. Monopsony D. Perfect competition

5 . The term group equilibrium is related to
A. Duopoly
B. Oligopoly
C. Perfect competition
D. Monopolistic competition




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