In case of perfect competition, TR curve rises at a:
Constant rate
Decreasing rate
Increasing rate
None of the above
Correct Answer :
A. Constant rate
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}
Related Questions
The Law of Diminishing Marginal Returns can be explained in terms of:
Economies and diseconomies of production
Indivisibility of factors
Fixity of supply of land
Variable factor productivity
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Demand becomes less elastic
Elasticity does not change
Demand has unitary elasticity
Demand becomes more elastic
Some farm land can be used to produce either corn or soybeans. If the demand for corn increases then:
The demand for soybeans should increase
The supply of soybeans should increase
The demand for soybeans should decrease
The supply of soybeans should decrease
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Inelastic demand in foreign markets
Elastic demand in foreign markets
Unit elastic demand in foreign markets
None of the above
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Extra price benefits
Shortage of quantity
Surplus of quantity
Difference between actual price and potential price
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MP is negative
MP is infinite
MP is zero
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Cooperative games
Non-cooperative games
Constant games
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Yields the same outcome over and over
Can result in behavior that is different from what it would be if the game were played once
Is not possible
Makes cooperative games into noncooperative games
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per income rupee
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Increase demand for the good
Increase supply of the good
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None of the above
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Fixed capacity
Specific capacity
Excess capacity
Reserve capacity
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Different prices are charged to different consumers for homogenous products
Same prices are charged for differentiated products
Different prices are charged for homogenous goods for successive units to the same customer
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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
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Left to right
Right to left
Both of them
None of them
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Income rises
Income falls
Sales rises
Price falls
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Below
Above
Equal level
None of the above
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Marginal usefulness
Marginal cost
Both of them
None of them
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Monopoly
Monopolistic competition
Perfect competition
Oligopoly
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Single-plant monopolist
Multi-plant monopolist
Two-plant monopolist
Some-plant monopolist
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Perfectly elastic (infinitely elastic)
Relatively elastic (greater than one elasticity)
Unit elastic
Relatively inelastic (less than one elasticity)
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How commoditys consumption rate differs at various levels of satisfaction
How commoditys consumption rate differs at various levels of income
How commoditys consumption rate differs at various levels of taxes
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Collusive oligopoly
Non-collusive oligopoly
Cartel
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Labor theory of value
Individual theory of value
Producer theory of value
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Different individuals usually have different tastes and thus have different utility functions
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Desire for them
Purchases
Production
Consumption
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Positive
Unitary
Negative
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Alfred Marshal
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