Normal profits are considered as:

A. Explicit costs

B. Implicit costs

C. Social costs

D. Private cost

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  1. The total utility is gained by consuming:
  2. The kink demand curve faced by an oligopolist is based on the assumption that:
  3. The advertisement and other selling activities:
  4. An inferior good/ commodity is inferior for:
  5. Who is the author of Choice of Technique?
  6. The combination of labor and capital where the cost of a given output is minimized is known as:
  7. The Purchasing Power Parity (PPP) Theory is presented by:
  8. For a commodity giving large consumers surplus, the demand will be:
  9. Who finalized the model of monopolistic competition?
  10. In respect of which of the following category of goods is consumers surplus highest?
  11. Increasing returns is not caused by:
  12. One way the government can induce a monopolist to expand his output is by imposing:
  13. LMC represents change in LTC (long-run total cost) due to producing an additional unit of a good while…
  14. Nash equilibrium says:
  15. Price-taker firms:
  16. In modern theory of costs, a firm normally utilizes:
  17. The fixed cost of a firm:
  18. The coefficient of the price elasticity of demand is computed as the absolute value of the percentage…
  19. The Tit for Tat strategy means cooperation by the 2nd firm if:
  20. Scarcity is:
  21. If the commodities X and Y are perfect substitutes then:
  22. Neutral Technological Progress can be defined as:
  23. When a consumer is satisfied with his spending pattern, he is said to be in:
  24. Marginal revenue from a given output:
  25. Labor Saving Technological Progress can be defined as:
  26. The production possibility curve (PPC) is concerned with:
  27. When the level of optimal factor combination is over and more labor is employed with the fixed plant,…
  28. Change in quantity demanded (expansion and contraction of demand) is:
  29. One common definition of a luxury good is a good with income elasticity:
  30. A firm considering what type of new plant to build is involved in a: