A) Income elasticity of demand
B) Price elasticity of demand
C) Supply elasticity
D) Cross elasticity of demand

A) Price elasticity less than 1
B) Income elasticity greater than 1
C) Demand is perfectly inelastic
D) Total expenditure increases as price rises

A) The average cost of production
B) The total quantity produced
C) The additional unit of production or consumption
D) The maximum amount a producer can charge

A) The area under the demand curve
B) The total revenue generated by sales
C) The cost of production for producers
D) The difference between what consumers are willing to pay and what they actually pay

A) Simply consumer preferences
B) Government regulations only
C) The cost of production and market demand
D) Natural resources alone

A) The value of the next best alternative foregone
B) The marginal cost of production
C) The fixed costs in decision making
D) The total cost of production

A) Many sellers of identical products
B) Multiple sellers with no influence on price
C) A market structure with a single seller
D) A market regulated by government

A) The Keynesian economic theory
B) The theory of general equilibrium
C) The theory of supply and demand
D) The Monetarist theory

A) To regulate consumer behavior
B) To determine production costs
C) To guide consumers in maximizing satisfaction
D) To ensure market prices are set fairly

A) Perfect competition
B) Monopoly
C) Monopolistic competition
D) Oligopoly