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A normal profit is:

A. A zero economic profit

B. Revenues less explicit cost

C. About 10% for most industries

D. A zero accounting profit

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  1. Increasing returns is not caused by:
  2. The falling part of total Utility (TU) curve shows:
  3. According to Marshal, the Law of Diminishing Returns is applicable to:
  4. In the long-run:
  5. When with a change in price the total outlay (expenditures) on a commodity remains constant, it is a…
  6. A price is a ratio of exchange between:
  7. In the case of an inferior commodity, the income-elasticity of demand is:
  8. The main contribution of Malthus is in the field of:
  9. Two policy variables, product and selling activities in the theory of firm was introduced by:
  10. Marginal cost is the cost:
  11. When elasticity of demand is greater than one (e >1), then following the formula MR=P[1-1/e], the MR…
  12. If a ten percent increase in price causes a ten percent reduction in quantity demanded, elasticity of…
  13. The Prisoners Dilemma was presented by A.W.Tucker in:
  14. The imaginary differentiation is attributed to difference in:
  15. The engineering production function and engineering costs curves are concerned with the:
  16. If price exceeds AVC but in smaller than AC at the best level of output, the firm is:
  17. The general form of Cobb-Douglas production function is:
  18. In cournot model, each firm expects a reaction from his rival but the expected reaction is not:
  19. If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then…
  20. A country is advised to devalue (reduce external value of) its currency only when its exports face:
  21. The isoquant which are generated by CES (constant elasticity of substitution) production function are…
  22. An indifference curve shows the bundles of two goods among which a consumer remains:
  23. If a firm is producing output at a point where diminishing returns have set in, this means that:
  24. The monopolist often lead to exploitation of:
  25. In case of income effect, the level of consumers satisfaction rises when:
  26. The necessary condition of firms equilibrium requires:
  27. The Hicksian demand curve includes:
  28. Marginal utility means:
  29. The word ECONOMICS is derived from the Greek terms meanings:
  30. The fixed cost of a firm: