MC curve is:

A. L-shaped

B. U-shaped

C. V-shaped

D. Both a and b depending on situation

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  1. The relationship between price effect, income effect and substitution effect is:
  2. At high prices, demand is likely to be:
  3. The difference between average cost and average revenue is:
  4. The law of demand is most directly a result of:
  5. In modern cost theory, AVC= b1 and MC= b1 in the range of:
  6. When elasticity of demand is one (e=1), then following the formula MR=P[1-1/e], the MR will:
  7. A profit-maximizing monopolist in two separate markets will:
  8. Which of the following is assumed to be constant when a supply curve is drawn:
  9. If price exceeds AVC but in smaller than AC at the best level of output, the firm is:
  10. For the given production function, technical efficiency is defined as:
  11. If a good is an inferior good then an increase in incomes of the consumers will:
  12. The giffen paradox is an exception to law of:
  13. In the modern theory of costs, the level of production which the firm considers feasible is known as:
  14. Because the price elasticity of demand for OPEC oil is approximately .08, in order to increase revenues…
  15. The firm producing at the minimum point of the AC curve is said to be:
  16. When elasticity of demand is greater than one (e >1), then following the formula MR=P[1-1/e], the MR…
  17. In Bertrand model, the entry of new firms is:
  18. When a consumer reached at the point of saturation then marginal utility (MU) is:
  19. With an increase in income, consumer is expected to buy more of:
  20. If Cobb-Douglas production function is homogeneous of degree greater than one (n>1), then it shows:
  21. Which of the following is called Gossens first law?
  22. Identify the author of The Principles of political Economy and Taxation:
  23. Income effect operates through an increase
  24. In respect of which of the following category of goods is consumers surplus highest?
  25. A demand schedule is shown as:
  26. A loss bearing firm will continue to produce in the short run so long as the price at least covers:
  27. The main contribution of Prof.Robbins is in the field of:
  28. An indifference curve shows the bundles of two goods among which a consumer remains:
  29. According to Marshal, the Law of Diminishing Marginal Utility:
  30. According to the principle of substitution?