Canno -XU0 BQB Question 15 A legal minimum at which a good or a service can be sold is also known as price: O ceiling O floor O efficiency O equilibrium Previous MOOS FS - F10 F11 F12 Insert portsc Delete Home 6 Backspace CO TabCanno XUDBQB Question 16 When diminishing returns set in, total product falls immediately. O True O False Previous F5 F10 F11 F12 Insert prise Delete Home Pgup MOOS 144 2 Backspace Num o - 11 CC CapsLkX Carcas SXUOBQE Question 17 Which ONE of the following is NOT a fixed cost ? O Insurance cost O Licensing cost O Total wages O Loan repayment MOOS F6 F10 Insert PrtSc Delete Home COX XUOBQE Question 18 The following scenarios describe internal economies of scale EXCEPT O hiring a team of highly specialised marketing staff O cost savings from using machines in production O improvement in local infrastructure O discounts obtained from buying in bulk PitSc Delete Home End PgUp PgDn F9 F10 F12 Insen FS MOOS Backspace Num -11 TabX Cannes XUOBQE Question 19 A monopolistically competitive has some market power because: O their goods produced are homogeneous and there are perfect substitutes. O they are a strong price maker because there are no close substitutes O their demand for the product is perfectly clastic O their goods produced are differentiated even though there are substitutes Previous MOOS F6 Insert PitSc Delete Home End 8 LOX Canno Question 20 The profit-maximising level of output of a monopoly is determined where the marginal-cost curve crosses the: O average-revenue curve O demand curve O marginal-revenue curve O average-variable-cost curve Previous MOOS N S Insert Prisc