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An optimum level of a firms output is:

A. Where marginal cost is minimum

B. Where average cost is minimum

C. Where both the marginal and the average cost curves are at their respective minimum

D. Where the firm earns the maximum profits

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  1. The relationship between MC and MP shown by the marginal cost concept is:
  2. 4.The Law of Diminishing Returns according to the modern view, applies to:
  3. In case of complementary factors, the isoquants are:
  4. Microeconomics is also known as:
  5. Market allocation fundamentally relies upon:
  6. If demand increased and supply decreased then:
  7. If a good is an inferior good then an increase in incomes of the consumers will:
  8. The firm in cournot model:
  9. The cost curves of the firm shift due to changes in:
  10. Efficient allocation of resources is likely to be achieved under:
  11. On the total utility curve the economically relevant range is the portion over which:
  12. The CES production function shows:
  13. By reducing the prices of its products below those of its competitors, a perfectly competitive seller:
  14. Abstinence or Waiting theory of Interest was presented by:
  15. Of the following commodities, which has the lowest price-elasticity of demand?
  16. The game theory was basically presented by:
  17. Duopoly is a market where there are:
  18. When total product (TP) is maximum:
  19. If the commodity is inferior then the Income Effect (I.E) and the Substitution Effect (S.E):
  20. If the commodity is inferior then:
  21. Cartel is associated with:
  22. According to Chamberlin, the activity of a monopolistic competitive firm:
  23. If two goods are perfect substitutes then IC will be:
  24. A monopolist is able to maximize his profit when:
  25. At the point where a straight line demand curve meets the quantity axis (x-axis), elasticity of demand…
  26. By saying that monopolist create a contrived scarcity, economist mean that monopolist:
  27. Variable costs refer to:
  28. Some economists refer to iso-product curves as:
  29. Total Utility (TU) curve:
  30. The line from the origin to a point on an isoquant shows: