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LMC represents change in LTC (long-run total cost) due to producing an additional unit of a good while the fixed and variable factors:

A. Cannot be changed

B. Can be changed

C. Can partially be changed

D. None of the above

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  1. Two policy variables, product and selling activities in the theory of firm was introduced by:
  2. The relationship between AC and MC curves depend upon the behavior of:
  3. 4.The Law of Diminishing Returns according to the modern view, applies to:
  4. In case of monopoly, both AR and MR fall, but MR falls:
  5. The slutsky demand curve includes:
  6. The indifference curve technique:
  7. In the short-run, in which one of the following situations would a competitive seller close down (shut-down)?
  8. The effects according to which people use those goods which are concerned with distinctive standard…
  9. Price discrimination is undertaken with the aim of:
  10. The substitution effect works to encourage a consumer to purchase more of a product when the price of…
  11. The slope of budget line shows the price ratios of:
  12. In case of short-run, the supply curve of an industry is the horizontal summation of:
  13. Repetition of a game (Repeated Game):
  14. Indifference curve approach (ordinal approach) is superior to utility approach (cardinal approach) because:
  15. Who wrote An Introduction to Positive Economics?
  16. Total utility and price are:
  17. If the commodities X and Y are perfect complements then:
  18. Marginal cost is the cost:
  19. According to M.Kalecki, the true measure of the degree of monopoly power is the:
  20. The engineering production function and engineering costs curves are concerned with the:
  21. The marshallian indirect utility function in the form of equation is:
  22. In monopolistic competition, the firm compete on the basis of:
  23. Some farm land can be used to produce either corn or soybeans. If the demand for corn increases then:
  24. The costs faced by the firm against variable factors are:
  25. Who wrote Economics of Imperfect Competition?
  26. Firms average and marginal revenues are equal under:
  27. The average fixed cost (AFC) curve is asymptote to:
  28. In a perfectly competitive market, suppliers must know:
  29. A vertical supply curve parallel to the price axis implies that the elasticity of supply is:
  30. In monopolistic competition, the firm take advantage due to customers: