P = AC
P = MC
AC = MC
MC = TR
B. P = MC
P = AVC
TR =TVC
The total losses of the firm equal TFC
All of the above
Wants are unlimited
Resources are scarce
Scarce resources have alternative uses
All of the above
Profits
Costs
Inputs
Price
Statements of various assumptions or postulates
Logical deductions from the assumptions made
Testing the hypothesis against empirical evidence
All of the above
Friends
Relatives
Family
All of them
All of the consumer surplus
All of the producer surplus
Some part of the consumer surplus
None of them
Industrialists
Prisoners
Common men
Workers
Excess capacity
Reserve capacity
Limited capacity
None of the above
Equal to one
Greater than one
Smaller than one
Zero
Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)
Sets of points relating production function that produces less output than possible for a given set of input (labor) i.e. Q < f(L, K)
Use of imported technology
None of the above
1756
1777
1776
1801
Is a disequilibrium price
Is an equilibrium price
Means a shortage exists as a market is cleared
Must be set by the government
Equating price and marginal revenue
Equating price and average total cost
Increasing marginal cost and lowering fixed costs
Equating marginal cost and marginal revenue
Single-plant monopolist
Multi-plant monopolist
Two-plant monopolist
Some-plant monopolist
In ordinal approach we can separate the income effect from the substitution effect of a price change
In ordinal approach we can study the consumer behavior more closely
In ordinal approach the consumer is assumed more rational
In ordinal approach the consumer has more income
Hydraulic function
Cubic function
Pentagonic function
Quadratic function
Consumers
Employees
People
Labor
output
input
price
advertisement
Inelastic demand in foreign markets
Elastic demand in foreign markets
Unit elastic demand in foreign markets
None of the above
Monopoly
Oligopoly
Duopoly
None of the above
Different
Same
Zero
None of the above
Producers
Workers
Managers
Consumers
Marginal cost
Production cost
Labor cost
Supply cost
Downwards to the right
Upwards to the right
Backwards to the top
Inwards at the bottom
Two
One
Very large
A few
Lowering the price, if the demand curve is elastic
Lowering the price, if the demand curve is inelastic
Rising the price, if the demand curve is elastic
None of the above is applicable
Many goods have no effective substitutes
Nearly all goods have substitutes
The prices of substitute goods must be the same
Buyers will stop buying a good if its price rises
Demand becomes less elastic
Elasticity does not change
Demand has unitary elasticity
Demand becomes more elastic
A strategy taken by a dominant firm
A strategy taken by a firm in order to dominate its rivals
A strategy that is optimal for a player no matter an opponent does
A strategy that leaves every player in a game better off
Average demand function
Qualified demand function
Constructive demand function
Relative demand function