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At the shut-down point in perfect competition:

A. P = AVC

B. TR =TVC

C. The total losses of the firm equal TFC

D. All of the above

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  1. Whish of the following represents the average revenue curve of a firm?
  2. When the slope of a demand curve is zero (also known as vertical demand curve) then elasticity will…
  3. In the real world, some competitive firms owns specialized resources that earn a return called:
  4. According to Robbins, economics is a:
  5. Who wrote Economics of Imperfect Competition?
  6. In case of straight-line isoquant, the factors are not substituted because they are each others:
  7. Marginal Utility (MU) curve is always:
  8. The income effect means that consumer purchase more when:
  9. The combination of labor and capital where the cost of a given output is minimized is known as:
  10. The difference between average total cost and average fixed cost shows:
  11. If the commodity is normal then fall in price will result in:
  12. In the case of an inferior commodity, the income-elasticity of demand is:
  13. Economic laws are:
  14. In Nash Equilibrium:
  15. Scarcity is:
  16. A decrease in demand lowers the price the most:
  17. In monopolistic competition, the customers are attached with one product because of:
  18. The pay-off matrix shows:
  19. On all points of budget (price) line:
  20. If demand increased and supply decreased then:
  21. In Recardian theory of value, the stress has been made on:
  22. In case of monopoly, both AR and MR fall, but MR falls:
  23. In cournot model, each firm expects a reaction from his rival but the expected reaction is not:
  24. Pure monopoly exists:
  25. The optimal strategy for a player is termed as:
  26. All of the following curves are U-Shaped except:
  27. Cross-elasticity of demand is measured as:
  28. When the law of demand operates the demand curve:
  29. When a consumer is in equilibrium then slope of indifference curve is:
  30. When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?