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MCQ: 221

A situation where both prices and total revenue are supposed to move in different directions is known as

  1. elastic
  2. zero elastic
  3. unit inelastic
  4. zero inelastic
MCQ: 222

A group of companies countries or other entities that agree to work together to influence market prices by controlling the production and sale of a particular product is known as

  1. collusion
  2. cartel
  3. inventory
  4. hoarding
MCQ: 223

The cost which is actually incurred by the organization, during production is called as

  1. explicit cost
  2. implicit cost
  3. economic profit
  4. total cost
MCQ: 224

A type of trade bloc which is composed of a free trade area with a common external tariff is known as

  1. custom union
  2. trade union
  3. industrial union
  4. society union
MCQ: 225

The process in which one country loses its most educated and talented workers to other countries through migration is known as

  1. urban migration
  2. rural migration
  3. international migration
  4. brain drain

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