If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are

The advantage which firms obtain directly from expanding their operations are referred to as

The effect of changes in the condition of demand on a demand schedule with the price constant is a

Developments outside a given firm that reduce the firm’s costs are called

Which of the following situations can give rise to economic problems

Economic goods are termed scarce when they are?

If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand is

In the long run, all production factors are

A situation in which all inputs are doubled and output also doubles is known as