... units of an economic system
2. Inductive method of reasoning proceeds from particular to general
3. price elasticity of demand explains the responsiveness of price due to changes in demand
4. production function represents the flow of output resulting in a flow of inputs during a specific period of time
5. Decreasing returns to scale implies constant marginal returns
6. Decreasing returns to scale implies constant marginal returns
7. Under perfect competition, average and marginal revenue curves are perfectly elastic
8. Supply and stock are the same
9. Trade price discrimination is based on the use of the commodity
10. Full cost pricing is one function of a firm.
11. Oligopoly market involves few seller firms