AEM251

What relationship occurs
when the price and
quantities demanded of a
commodity in a given
market?

Farmers operate small and
fragmented land holdings
due to
- system

Exchange, physical and
facilitating are examples of
function

What is referred to as a
process for distribution of
goods to marketers?

are boundaries for the
stages of production
function in the factor –
factor relationship

The line showing all the
different combinations of
factor inputs that a firm can
purchase, given the total
cost outlay of the firm and
input price is known as
what?

The process whereby the
self – interest of buyers and
sellers stimulate the needs
of people is known as
what?

What is the summation of
individual demand
schedule?

What is a signal to
producers to expand or
contract their rate of
product?

- are conditions that are
present in markets where
buyers and sellers interact
to establish prices and
exchange goods and
services

All these are factors
influencing the supply of a
commodity except;

What is the ratio of the
percentage change in the
quantity supplied to the
percentage change in its
price referred to?

Which of these refer to the
degree of responsiveness
of a proportionate change
in the quantity demanded of
a commodity to a
proportional change in the
price of a related
commodity?

is the process whereby
supply will not increase at
all and however much
prices of a commodity rises

What marketing function
describes what happens or
what can happen to a
product between the time of
production and time of
purchase by the final
consumer

What product requirement
enhances easy
transportation of a
commodity from one place
to another?

are costs that do not vary
with the level of output

What are boundaries for the
stages of production
function in the factor –
factor relationship?

Only two inputs are varied
under factor – factor
relationship. “True” or
“False”

What type of demand
occurs if the change in
demand of a commodity is
10% when the price change
is 20%?

What type of elasticity of
demand is used as a
planning tool to classify
goods as superior and
inferior goods?

What is used to ration
goods among prospective
buyer in the market?

Cost of raw materials and
wages of labour are
examples of

All these are concept of
economics except;

Which of these
combinations of goods is
referred to as
complementary

What measures the amount
of total output increase as
input increases?

When is the coefficient of
income elasticity of demand
positive?

When at a given time an
unlimited quantity of
product is demanded?

Inputs are classified as
substitutes and
--

are referred to as consumer
goods or final products

A situation whereby no
trade name or trademarks
to distinguish the supply of
one another from that of
another is known as what?

The activities involved in
the transfer of goods are
referred to as
Function

All these are types of
marginal returns except;

What is the measure of
responsiveness of quantity
demanded of a product
relative to its own price?

-- describes the
transformation of a given
input into a product

Inputs that are substituted
at constant rate are called

The condition where there
is no substitute of
commodity is called what?

A situation where there are
just two sellers in an
oligopoly market is referred
to as

is the function that organize
and directs all business
activities involved in
assessing and committing
consumer purchasing
power into effective
demand for a specific
product from final
consumers in order to make
profit

Through what process does
the stage of overall
production process is
achieved?

s used to determine the
stage of overall production
process

Activities that make it
possible for the smooth
performance of exchange
and physical function is
known as
. Function

The concept of supply that
is very important in
economic analysis is
referred to as

Breaking of bulk commodity
is one of the functions of
--

What is the derivative of the
demand and supply
function?

What is the process of
bargaining on the price of
the commodity between a
few sellers and a few
buyers?

-- is the process of
satisfying human needs by
bringing precuts to people
in the proper form at the
appropriate time and place
they need the products

What function does not
exceed its peak but
increases indefinitely during
production

-- function does not have
maximum but increases
indefinitely during
production

- is the stage of production
curve where the marginal
product less and average
product increases