Marginal cost is always:

A. Less than the average cost

B. More than the average cost

C. Equal to the average cost at minimum point

D. Never equal to the average cost

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  1. The Prisoners Dilemma was presented by A.W.Tucker in:
  2. If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity…
  3. Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity…
  4. Economic laws are:
  5. Cross-elasticity of demand or cross-price elasticity between two perfect complements will be:
  6. Inputs or Factors of production are defined as:
  7. With an increase in income, consumer is expected to buy more of:
  8. Contraction of demand means:
  9. The main objective of the firm is to:
  10. 4.The Law of Diminishing Returns according to the modern view, applies to:
  11. The main contribution of Malthus is in the field of:
  12. MC is given by:
  13. The law of demand is most directly a result of:
  14. The difference between the average total cost and average variable cost as output increases will:
  15. The relationship between AC and MC curves depend upon the behavior of:
  16. The model which gives us information about price and output changes in different periods is:
  17. Economies of large-scale production:
  18. Equilibrium of a firm represents maximization of profits as well as:
  19. In monopoly, new firms:
  20. The cost curves of the firm shift due to changes in:
  21. In income effect, we:
  22. If two goods have same marginal utility for a consumer then:
  23. The budget-line is also known as the:
  24. Competitors in monopolistic competition have full control over:
  25. The alternative of profit maximization theory is:
  26. The vertical distance between TVC and TC is equal to:
  27. The kinked demand curve comes into being where:
  28. Cournot equilibrium is attained where two reaction curves:
  29. Under conditions of perfect competition, price in the long-run is equal to:
  30. We can measure consumers surplus with the help of