Inputs or Factors of production are defined as:
Productive resources such as labor and capital equipment that firms use to manufacture goods and services are called inputs or factors of production
Unproductive resources that do not take part in production process are called inputs or factors of production
Firms own resources are called inputs or factors of production
None of the above
- All of the following curves are U-Shaped except:
- Income distribution effects:
- In cournot model, firms make decisions separately regarding:
- A firm is a sum of persons who convert:
- In a socialist (communist) economy the invisible hand:
- Total Utility (TU) curve:
- The slope of isocost line (budget line) shows:
- Identify the work of T.W.Schultz:
- Which is the other name that is given to the average revenue curve?
- In monopolistic competition, the firm take advantage due to customers:
- When SAC curve rises, SMC curve lies its:
- The total revenue curve for monopolist is the shape of:
- When the demand curve is rectangular hyperbola, it represents:
- The optimum level of output in long run takes place where:
- The Chamberline model recognizes mutual:
- The Law of Diminishing Marginal Returns can be explained in terms of:
- Change in demand refers to:
- On all points of budget (price) line:
- At a point above the middle of a straight line demand curve, elasticity of demand is:
- The production function of homogeneous of degree one (n=1) is also called:
- If the marginal utility of apples to a consumer exceeds that of bananas then the consumer:
- If the commodity is normal then fall in price will result in:
- Consumers are likely to get a variety of similar goods under:
- A normal profit is:
- Variable costs refer to:
- Chamberline introduces the concept of:
- If the consumers expect that the price of computers will decrease in next year then:
- Stable cobweb model is a:
- An individual consumers demand is not determined by:
- The largest possible loss that a firm will make in the short run is: