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EC4006 2425 (T2) Fundamentals of Economics (OC)
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If the income elasticity of demand is positive this means it is a normal good.
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When marginal product is positive but falling, total output (total product) is falling.
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The marginal revenue curve in monopoly is below the demand curve and converges.
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If revenue equals costs, abnormal profit is made.
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What curve does X represent in this graph?
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Based on the graph below, calculate price elasticity of demand.
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Using the diagram below, calculate the opportunity cost of the 5 unit of B in terms of units of A sacrificed
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Which of the following is associated with a monopolistically competitive market structure?
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An outward shift in the Production Possibility Frontier may be due to:
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The demand for labour is dependent on the demand for the final product. This means it is a _________ demand.
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