ECO 121 (CBT 1)

In a market where 100 people sell all the network airtime, the sellers become ____________

All except _________ is wrong about perfect market.

Economics is the study of _______________

If 20 percent increase in price of needle drives down quantity demanded by 2 percent, elasticity for needle is calculated as ___________

__________ demand is a demand wherein quantity demanded does not respond at all to price change.

Perfectly inelastic demand is also known as ___________

If 10 percent decrease in price of fish led to a decrease in the quantity of meat supplied by 50 percent, the unit of cross elasticity is __________

Individuals and _________ work together to answer basic economic problems in relation to the scarce resources in the society.

Suppose you find N20. If you choose to use the N20 to go to a football match, your opportunity cost of going to the game is ___________

The following are determinants of demand elasticity, EXCEPT ____________