Question 14
Question 14 of 30
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No letter options?
Older MCQs might not have the typical A, B, C, D choices. They have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such combinations to the answer.
A 1, 2 and 3 are correct
B 1 and 2 only are correct
C 2 and 3 only are correct
D 1 only is correct
Topics Tested
3. Microeconomic decision...
3.7. Firms’ costs, revenue and obje...

Total cost (TC), average total cost (ATC), fixed cost (FC), variable cost (VC), average fixed cost (AFC), average variable cost (AVC).

1. The basic economic pro...
1.3. Opportunity cost

Definition and examples of opportunity cost in different contexts.

2. The allocation of reso...
2.6. Price changes

Demand and supply diagrams to be used to illustrate these changes in market conditions and their consequences for equilibrium price and sales.