An entrepreneur is likely to make more profits when

A. expenditure is more than revenue

B. competitors charge lower prices

C. costs per unit output falls

D. quantity of output reduces

Natural growth rate is

A. birth rate less death rate

B. death rate less migration

C. death rate plus birth rate

D. birth rate plus migration

A major effect of ageing population is

A. reduced labour force

B. rise in price of commodities

C. reduced infrastructures

D. neglect of agriculture

One of the problems associated with the middlemen in the distribution of goods is that he

A. buys in large quantities

B. hoards goods

C. grants credit to the retailers

D. sells varieties of goods

The distribution of goods is said to be completed when it reaches the

A. wholesalers

B. consumers

C. retailers

D. manufacturers

The gap between demand and supply curve below the equilibrium price indicates

A. excess demand

B. excess supply

C. equilibrium quantity

D. equilibrium price

Demand for inferior goods is an example of

A. expansion of demand

B. contraction of demand

C. individual demand

D. abnormal demand

When a change in price does not affect the quantity demanded of a commodity , the price elasticity of demand is

A. fairly inelastic

B. infinitely elastic

C. perfectly inelastic

D. unitary elastic

For both the monopolist and the perfectly competitive firm , profit maximizing output occurs at the point where the

A. marginal cost curves cuts the marginal revenue curve from below

B. marginal revenue curve cuts the marginal output from above

C. marginal cost curve intersect the X-axis

D. marginal revenue curve intersects the Y-axis

The market structure in which the operation are many and none of them can influence the price is

A. imperfect market

B. perfect market

C. oligopolistic

D. stock market