Economicity Quiz 1
Under normal circumstances, when the price of a commodity falls, the quantity demanded will ____________
Increase
decrease
remains the same
Eventually, when you consume more and more of a commodity continuously, your satisfaction level will keep on increasing
True
False
When a consumer goes to market to purchase a commodity, he or she will purchase the __________ priced commodity, provided the commodities on offer are identical in all other respects.
Lowest
Highest
He will not purchase anything
A business firm tries to maximize its ________ ?
Sales
Revenue
Profit
Job Retrenchment
Monopoly is when there is a single _______?
Buyer
Seller
Market
Price
You got {number correct}/{number of questions} correct answers