Given a U shaped average cost curve, the relationship between average cost and marginal cost is such that marginal cost must always be:

A. Falling when average cost is falling

B. Rising when average cost is falling

C. Falling when average cost is rising

D. Rising when average cost is rising

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  1. The kinked demand curve comes into being where:
  2. Price effect occurs on the higher IC in case of:
  3. The price under perfect competition is settled by:
  4. In perfect competition, the slope of the total revenue curve of a firm is equal to the:
  5. Which describes a competitive market?
  6. In non-constant sum game (non-zero sum game), if there are two parties then:
  7. We can find total utility by:
  8. Slope of a demand curve is:
  9. In case of budget line, we get pairs of two goods where consumers income is:
  10. In modern theory, LAC = LMC after the attainment of:
  11. The combination of labor and capital where the cost of a given output is minimized is known as:
  12. In repeated game, the Prisoners Dillemma can have a:
  13. Which is not an essential feature of a socialist economy?
  14. Diminishing returns occur when a firm:
  15. In case of monopoly:
  16. Cross-demand curve shows:
  17. The behavior of MC curve is determined by the behavior of the:
  18. In the case of superior (normal) commodity, the income elasticity of demand is:
  19. According to Diamond Water Paradox diamonds are more expensive than water because:
  20. The main contribution of Prof. R.G.D.Allen is in the field of:
  21. The budget line is described by each of the following except:
  22. If as a result of a decrease in price, total outlay (expenditures) on a commodity increases, its price-elasticity…
  23. When the income of consumer increases then budget line will:
  24. A monopolist has control over the price he charges for his product. He will be able to maximize his…
  25. When the law of demand operates the demand curve:
  26. In perfect cartel, the:
  27. Economics is a:
  28. In case of monopoly, TR curve rises at a:
  29. Marginal utility means:
  30. If in the long run all factor inputs are increased three times and the resulting output is four times…