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In case of perfect competition, TR curve rises at a:

A. Constant rate

B. Decreasing rate

C. Increasing rate

D. None of the above

Correct Answer : A.


The TR curve in perfect competition increases at constant rate b/c price remains constant at given period and when we get total revenue(TR) by multiplying each unit of output by price(p) then each next unit shows equal increase in TR. Because of rising at a constant rate , the slope of TR curve is also constant in perfect competition}

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  2. In context of oligopoly, the kinky demand curve (kinked demand curve) hypothesis is designed to explain:
  3. The slope of an iso-quant represents:
  4. According to Chamberlin, the activity of a monopolistic competitive firm:
  5. At a point above the middle of a straight line demand curve, elasticity of demand is:
  6. In cournot model, firms face:
  7. Some economists refer to iso-product curves as:
  8. In Nash equilibrium, a player:
  9. An optimum level of a firms output is:
  10. According to Saint Thomas Aquinas value is determined by God, but prices by:
  11. The proportional demand curve in monopolistic competition (also in kinked demand curve model), is like…
  12. As the price of diamond is higher, so it has:
  13. In discriminating monopoly (price discrimination), the cost of production in two markets are:
  14. Marginal utility is only meant for:
  15. The elasticity of demand is equal to slope of demand function divided by:
  16. The concept of industry in monopolistic competition has been replaced by:
  17. Marginal Productivity Theory deals with the theory of:
  18. One common definition of a luxury good is a good with income elasticity:
  19. The production possibility curve (PPC) is concerned with:
  20. Income-demand curve shows:
  21. An economic model describing the working of an economy consists of:
  22. In monopolistic competition, the aim of the firm is to:
  23. In monopolistic competition (also in kinked demand curve model), a firm sells the amount where:
  24. In case of income effect, the level of consumers satisfaction rises when:
  25. Substitution effect means a consumer
  26. In perfect competition, the slope of the total revenue curve of a firm is equal to the:
  27. Least cost combination of two factor inputs is achieved at a point where:
  28. Economic laws are:
  29. The long-run AC curve is constructed from:
  30. When elasticity of demand is less than one (e