If the coefficient of price elasticity of supply is greater than one, the supply is said to be
perfectly elastic
fairly inelastic
infinitely inelastic
fairly elastic
If commodity X is a by-product of commodity Y, this implies that both commodities are
in competitive supply
in composite supply
jointly supplied
in excess supply
In perfect competition, price is determined by the
government
sellers
buyers
market
In order to reduce hardship faced by consumers due to high prices government can introduce
maximum prices
commodity boards
minimum prices
price control boards
Average product is less than marginal product when
there is constant returns to scale
there is increasing returns to scale
there is decreasing returns to scale
diminishing returns set in
