Please answer all questions

Question 20 Not yet BB Hypermarket reduces the pnce of salt by which results in zero (0) change in demand, the demand of salt answered Marked out of 1.00 Flag question a. Perfectly elastic demand O b. Perfectly inelastic demand Unitary elastic demand O d. Elastic demand Q-21 ton 3 Which of the following is/are an essential feature of the market? wered a. Price arked out of b. Buyers Flag question Sellers d. All of these - 21 Khalid is learning about the aggregate supply, aggregate demand, national income, employment levels, etc. of Oman. Identify which course he is studying? red d out of O a. Health economics g question O b. Macroeconomics O c. Microeconomics O d. Industrial economics tion 22 The cost formachineries, land and building used by the firm are called yet vered ked out of 0 a. Variable cost Flag question Ob Fixed cost O c. Total cost O d. Factors of cost eston 23 swered arked out of 200 The town of Uganda has three gas stations. The owners of these gas stations make decisions together about when to raise and lower gas prices. It would be difficult for another gas station to enter this market. Which market structure best describes the market for gas in Uganda? Flag question O a. Monopolistic competition b. Perfect competition Oc Oligopoly O d. Monopoly vention 27 Veblen effect is related to: St yet nswered arked out of 00 O a. Upper class buying more at less price O b. Upper class buying more at high price Flag question O c. Upper class buying same at any price O d. Upper class buying less at high price Question 33 lot yet answered If a firm sells its output on a market that is characterized by many sellers and buyers, a homogeneous product resource mobility and perfect knowledge, then the firm is a Marked out of 1.00 O a. a monopolist Flag question O b. an oligopolist O ca monopolistic competitor O d. a perfect competitor Question 34 Identify the type of central economic problem that is related to problem of choice of what to produce in a country. Not yet answered Marked out of O a. How to attain economic growth? Flag question O b. Full utilization of resources, O c What goods and services ought to be produced and how much to produce? O d. How to distribute these goods and services? Question 46 If a firm will produce an additional unit of good or services, determine what will happen to their costs? Not yet answered Marked out of 1.00 O a. Total cost will decrease P Flag question O b. Total cost will be equal O c. Total cost will increase O d. Total cost will be the same Question 47 Not yet If an increase in the price of good X decreases the quantity demanded of good Y then answered Marked out of 1.00 O a. the cross elasticity of demand is negative. O b. the cross elasticity of demand is positive. Flag question O c good X is an inferior good. O d. good Y is an inferior good. Question 48 Price elasticity of demand is expressed in Not yes answered Mariced out of 1.00 Flag question O a. Percentage change in demand divided by percentage change in price b. Percentage change in price divided by percentage change in demand O c. Percentage change in demand o d. Percentage change in price Question 49 The Law of Supply is graphically shown by Not yet answered O a. Rightward shift in the demand curve Marked out of 1.00 O b. Leftward shift in the demand curve Flag question Oc Shifting of the production possibilities curve Od Upward sloping supply curve