Average cost curve contains in it:
Normal profits
No normal profits
Sometimes normal profits and sometimes no normal profits
Super normal profits
- In long run competitive equilibrium:
- According to current thinking, the law of diminishing returns applies to:
- When the slope of a demand curve is zero (also known as vertical demand curve) then elasticity will…
- In an indifference curve diagram, when the price of a product increases, the decline in quantity demanded…
- If the production increases under decreasing returns to scale, the cost will:
- For monopolistic competitive firm:
- Loanable funds theory of Interest was developed by:
- The average product is given as:
- If two households have identical preferences but different incomes then:
- In the case of a giffen good, the income effect:
- Implicit costs are the costs:
- A demand curve which is horizontal and parallel to x-axis represents:
- Which describes a competitive market?
- In a competitive market, price is determined primarily by:
- Under monopolistic competition, in long-run there is:
- In the short-run, in which one of the following situations would a competitive seller close down (shut-down)?
- Engel curves shows that:
- According to Marshal, the Law of Diminishing Returns is applicable to:
- The difference between accounting profits and economic profits is:
- If the commodity is inferior then the Income Effect (I.E) and the Substitution Effect (S.E):
- At final equilibrium in cournot model, each firm sells:
- The main contribution of David Ricardo is in the field of:
- Excess capacity is not found under:
- As the price of diamond is higher, so it has:
- A firms profit is equal to:
- Economies of large-scale production:
- In the long-run competitive equilibrium, the theory predicts that:
- When marginal costs curve cuts average costs curve, average costs are:
- When sales tax is imposed on monopolist, its:
- Cross-demand curve shows: