Total fixed cost curve is horizontal, because at different level of output cost is changing.

Select one:

a. True

b. False

When the value of income elasticity of demand is less than zero the good called

Select one:

a. Inferior good

b. Normal good.

c. Complement good

d. Substitute good

Which of the following is NOT a characteristic of a monopoly?

Select one:

a. The firm generates a large economic cost.

b. The firm's product does not have close substitutes.

c. Entrance to the market is not easy or impossible.

d. The firm is the only seller of its product.

If the slope of indifference curve is -0.8 and the change in X axis is 8, what is the change in Y axis?

Select one:

a. - 6.4

b. - 10

c. - 0. 1

d. 10

Perfect competition leads to economic inefficiency in the allocation of goods and services

Select one:

a. True

b. False