Iso-product curve (isoquant) shows:

A. A given quantity of output that can be produced by various combinations of two inputs

B. Varying quantities of output that can be produced by the same combination of two factors

C. Combination of two factors that can give the least cost of production

D. Combination of two goods that cost the same amount to the producer

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  1. In the case of two factor inputs which are neither perfectly complementary nor perfect substitutes,…
  2. The proportional demand curve in monopolistic competition (also in kinked demand curve model), is like…
  3. The demand curve slopes downwards due to:
  4. Elasticity of Substitution (s) is defined as:
  5. For the equilibrium of the firm and the industry in the short period in a competitive market, the condition…
  6. Which of the following is not a feature of isoproduct curves?
  7. In cournot model, each firm expects a reaction from his rival but the expected reaction is not:
  8. In discriminating monopoly (price discrimination), the cost of production in two markets are:
  9. If we measure the elasticity of demand with the help of the average and marginal revenue, the formula…
  10. While buying two goods X and Y with unequal prices, to maximize total utility from his income, a consumer…
  11. Price elasticity of demand is best defines as:
  12. In 1776, a famous book An enquiry into the nature and causes of the wealth of nation was written by:
  13. The main contribution of Malthus is in the field of:
  14. Under perfect competition, a firm will be in equilibrium if:
  15. The cost of one thing in terms of the alternative given up is known as:
  16. From the resource allocation view point, perfect competition is preferable because:
  17. A profit-maximizing monopolist in two separate markets will:
  18. The costs faced by the firm against fixed factors are:
  19. Any expansion in output by a firm in the short period will always reduce the:
  20. The largest possible loss that a firm will make in the short run is:
  21. When a competitive firm is in equilibrium in the long-run, its output is such that:
  22. The number of sellers in oligopoly are:
  23. Which of the following pairs of commodities is an example of substitutes?
  24. If the price of product A decreases and in the result the demand for product B increases then we can…
  25. We can write ordinal utility function as:
  26. Cross-elasticity of demand or cross-price elasticity between two perfect complements will be:
  27. The supply curve for the short-run competitive firm is the same as:
  28. By reducing the prices of its products below those of its competitors, a perfectly competitive seller:
  29. A firm in a position of equilibrium is supposed to be maximizing:
  30. Total Utility (TU) curve: