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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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