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If a firm is producing output at a point where diminishing returns have set in, this means that:

A. Each additional unit of output will be more expensive to produce

B. Each additional unit of output will require increasing amount of inputs

C. Marginal product of the variable factor of production decreases as the quantity increases

D. All of the above

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  1. If we measure the elasticity of demand with the help of the average and marginal revenue, the formula…
  2. When the output of a firm is increasing, its average fixed cost:
  3. The pay-off matrix shows:
  4. In discriminating monopoly (price discrimination), the elasticity of demand of product in two markets…
  5. Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity…
  6. The average product is given as:
  7. Conditions of perfect competition ensure:
  8. In perfectly competitive markets, the profit maximization rule can be represented by:
  9. Moving along the indifference curve leaves the consumer:
  10. Revealed Preference Theory was presented by:
  11. The demand curve of a firm in monopolistic competition is:
  12. The consumer is in equilibrium at the where:
  13. The vertical demand curve for a commodity shows that its demand is:
  14. Efficient allocation of resources is achieved to a greater extent under:
  15. A firm considering what type of new plant to build is involved in a:
  16. A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand:
  17. A monopoly producer has:
  18. Pure monopoly exists:
  19. Who developed the concept of Representative Firm?
  20. Law of Diminishing Marginal Utility is practically untrue because:
  21. According to current thinking, the law of diminishing returns applies to:
  22. A fall in demand for the product under monopolistic competition will likely result in:
  23. In cournot model, each firm makes decision regarding:
  24. The CES production function shows:
  25. The cost of firms in cournot model are:
  26. Under conditions of perfect competition, price in the long-run is equal to:
  27. In measuring price-elasticity:
  28. According to classical approach, utility can be:
  29. The number of sellers in duopoly is:
  30. In the case of an inferior commodity, the income-elasticity of demand is: