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Free CIMAPRA17-BA1-1 Exam Braindumps (page: 34)

Page 34 of 118
PDF with 468 Questions

All of the following statements about a firms total revenue curve are true except which ONE?

  1. Because the price of a product falls as more is supplied to the market the curve is not a straight line
  2. Price elasticity of demand for the product = 1 at the highest point of the curve
  3. If price of the product rose the curve would pivot upwards
  4. The curve would be a horizontal straight line if demand for the product were perfectly price elastic

Answer(s): D



Which ONE of the following statements about profit is true?

  1. Normal profit will rise if the cost of production is falling as output increases
  2. Profit per unit is equal to the difference between average revenue and average total cost
  3. The point of profit maximization is always where average costs are lowest
  4. A rise in output will always raise profits provided total revenue is rising

Answer(s): B



The average price of recorded music CDs has been declining for several years.
Which of the following changes in market conditions would NOT be a cause of this?

  1. Availability of new cheaper substitutes such as downloads
  2. Increased competition due to entry to the market by supermarket and internet sellers of CDs
  3. Decline in the number of CD shops due to bankruptcy and closure
  4. Growth in popularity of alternative goods such as mobile phones and video games

Answer(s): C



A market for a normal good is in equilibrium.
What will happen in this market if there was an increase in consumer incomes?

  1. The demand curve would shift to the right, the equilibrium price would rise and there would be an increase in supply
  2. The demand curve would shift to the left, the equilibrium price would fall and there would be a contraction in supply
  3. The demand curve would shift to the right, the equilibrium price would rise and there would be an extension in supply
  4. The demand curve would shift to the left, the price would fall and there would be a decrease in supply

Answer(s): C



Page 34 of 118



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