Economics Past Questions and Answers

When market supply increases , the equilibrium price _______________

The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?

The output of an extra unit of an input is referred to as ______________

The law of diminishing returns is applicable to the ________________

A firm incurred the following costs in production. Use the information in the table to answer the question below.

Output(bags of rice	0	10	20	30	40	50	60
Total Cost ($)	100	200	300	380	440	520	600

The fixed cost of production is ____________