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Average cost means:

A. Cost of the average units

B. Cost of the last units of average

C. Cost of the unit of production

D. Total cost marginal cost

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  1. Identify the economist who first developed the theory of income determination in its modern form:
  2. Normal profits are considered as:
  3. The economic problem of determining the combination of inputs yielding lowest cost for producing a given…
  4. In respect of which of the following category of goods is consumers surplus highest?
  5. With the expansion of output, the short run average cost curve, beyond a point, starts rising because:
  6. Income effect operates through an increase
  7. After reaching the saturation point consumption of additional units of the commodity cause:
  8. When AC curve falls, MC curve falls:
  9. Normally when price per unit of time falls:
  10. When the consumer is in equilibrium not only his income is fully spent, but the ratio of marginal utility…
  11. An iso-product (an isoquant) curve slopes:
  12. Rotten eggs are:
  13. Average Revenue means:
  14. In perfect competition, the slope of the total revenue curve of a firm is equal to the:
  15. The normal long-run average cost curve is influenced by the:
  16. MC = MR = AC = AR shows the long run equilibrium position of the:
  17. Extension (expansion) and contraction of demand are result of:
  18. The law of demand is most directly a result of:
  19. The demand of the necessities is:
  20. The behavior of MC curve is determined by the behavior of the:
  21. Demand of a commodity is elastic when:
  22. The necessary condition of firms equilibrium requires:
  23. A demand schedule is shown as:
  24. Under the perfect competition, the transportation cost:
  25. If X and Y are close substitutes, a rise in the price of X will lead to:
  26. In price leadership, like leader, the follower firm may:
  27. The concept of product differentiation was firstly introduced by:
  28. The average product is given as:
  29. Scarcity is:
  30. In Prisoner Dilemma, the best choice of strategy is: