Question

Economics NCS Topic Test No 5. Perfect Market 1.3. Give ONE term for each of the following descriptions. Write uonly the term next to the question numbers (1.3.1 to 1.3.5) in the ANSWER BOOK. Abbreviations, acronyms and examples will NOT be accepted. 1.3.1 Actual expenditure of business such as wages and interest 1.3.2 The cost that changes as more or less outputs are produced 1.3.3 An institution that can make final decisions by reviewing the decisions of the competition commission and Tribunal. 1.3.4 A word that describe the characteristics of differentiated product in oligopoly or monopolistic competition. 1.3.5 A period when inputs or factors of production are fixed. (5x1) (5) TOTAL SECTION A: [201​

Answer 1

1.3.1 - Operating costs

1.3.2 - Variable costs

1.3.3 - Competition Appeal Court

1.3.4 - Product differentiation

1.3.5 - Short run