Question

fill ups



1. Basically utilities are of _____ types



2. A higher indifference curve always shows a________ level of satisfaction.



3. There are
_____factors of production.



4. Price floor is also determined by_______


5. The law of supply does not apply to ______commodities​

Answer 1

Answer:

1. There are mainly four kinds of utility: form utility, place utility, time utility, and possession utility.
2. Higher indifference curve represents a higher level of satisfaction because higher IC means a bundle consisting more of both the goods or same quantity of one good n more quantity of the other good .
3. Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
4. Price floor is a situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply
5. The law of supply does not apply to agricultural goods as their production depends on climatic conditions. If, due to unforeseen changes in weather, the production of agricultural products is low, then their supply cannot be increased even at higher prices.

Explanation:

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