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If there are many producers, each of whom has an individual production possibility curve, then the lowest marginal cost producer of good X is the producer:

A. Who must sacrifice fewer units of every other goods than any other producer

B. Who can produce more X per hour than any other producer

C. Who must sacrifice more units of every other goods than any other producer

D. None of the above

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  2. A demand curve is not related to:
  3. Monopoly means:
  4. Who finalized the model of imperfect competition?
  5. In Edgeworth model, price remains:
  6. Marginal utility is only meant for:
  7. Under Bandwagon effects, people use those goods which are used by their:
  8. Which of the following theories of trade cycle was presented by William Jevons?
  9. By saying that monopolist create a contrived scarcity, economist mean that monopolist:
  10. Consumers Surplus can also be defined as:
  11. AR curve under perfect competition:
  12. The utility function u = f(x) is based upon :
  13. The economic problem of determining the combination of inputs yielding lowest cost for producing a given…
  14. If Cobb-Douglas production function is homogeneous of degree greater than one (n>1), then it shows:
  15. Which of the following is not an explicit cost of production?
  16. Opportunity costs are also known as:
  17. In monopolistic competition, the firms have to face:
  18. Price elasticity of demand can be measured in the following way:
  19. In the long run:
  20. Nash equilibrium says:
  21. The short-run supply curve of the perfectly competitive firm is given by:
  22. Marginal cost is found with the help of changes in:
  23. Who first used the term Quasi-Rent?
  24. Marginal cost is the cost:
  25. Income -elasticity of demand will be zero when a given change in income brings about:
  26. The law of demand is most directly a result of:
  27. Which of the following conditions is met in the long-run equilibrium in monopolistic competition, where…
  28. Equilibrium of a discriminating monopolist requires the fulfillment of which one of the following conditions?
  29. Elasticity (E) expressed by the term, 8 >E>1, is:
  30. In short run, a firm can change its: