Course Code eco431 Question How is low income elasticity of demand denoted? Answer Ey<1 Question If P > AVC, a firm under Perfect Competition is expected to ------- Answer continue operation Question If P < AVC, a firm under Perfect Competition is expected to ------- Answer close down Question ------- and ------- are production periods Answer longrun, short run Question The algebraic function Q = F (K, L), imply Answer production function Question The algebraic function C = F (Q), imply Answer cost function Question cost and outlay are one and same Answer FALSE Question ------- is the opportunity cost associated self employed resources in the business Answer implicit cost Question ------- comprises clear cut historical payments or money outlays for input bought or hired by the firm. Answer Explicit cost Question One of the following laws is short run concept. Answer law of variable proportion Try Another Search