Production function relates:

A. Cost to input

B. Wages to profits

C. Cost to output

D. Inputs to output

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  1. By reducing the prices of its products below those of its competitors, a perfectly competitive seller:
  2. In microeconomics, we study:
  3. Which describes a competitive market?
  4. Cross-elasticity of demand or cross-price elasticity between two substitutes will be:
  5. When total revenue is maximum in monopoly, elasticity of demand is:
  6. The slope of indifference curve shows:
  7. Who introduced the concept of Elasticity of Demand into economic theory?
  8. A demand curve which is horizontal and parallel to x-axis represents:
  9. In constant sum game (zero sum game), if there are two parties then:
  10. The giffen paradox is an exception to law of:
  11. Excess capacity is concerned with the:
  12. Which is the first-order condition for the profit of a firm to be maximum?
  13. Discriminating monopoly implies that the monopolist charges different prices for his commodity:
  14. The entry of new firms in cournot model is:
  15. Increasing return to scales can be explained in terms of:
  16. With elasticity of demand, the:
  17. In Revealed Preference Theory, a consumer reveals preference for bundle of:
  18. If the price of a product falls then quantity demanded tends to increase ceteris paribus because:
  19. At a point below the middle of a straight line demand curve, elasticity of demand is:
  20. Perfect competition assumes:
  21. At the shut-down point in perfect competition:
  22. If the commodities X and Y are perfect complements then:
  23. Theory of revealed preference is based on:
  24. Increasing returns is not caused by:
  25. The firms in non-cooperative games:
  26. Monopoly means:
  27. On a straight line demand curve, elasticity of demand at the midpoint is:
  28. According to Leontief technology, there:
  29. If two goods are complements then indifference curve (IC) will be:
  30. Total costs in the short-term (short-run) are classified into fixed costs and variable costs. Which…