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The combination of labor and capital where the cost of a given output is minimized is known as:

A. Least cost factor combination

B. Optimum factor combination

C. Both a and b

D. None of them

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  2. In monopolistic competition (also in kinked demand curve model), a firm sells the amount where:
  3. Plumbing and pipe-fitting require many of the same skills. If the wage paid to pipe-fitters increased…
  4. Cartel is associated with:
  5. Which of the following is assumed to be constant when a supply curve is drawn:
  6. In Bertrand model, the entry of new firms is:
  7. The General Theory of Employment, Interest and Money is the major work of :
  8. The cournot model is a model of:
  9. Slope of a demand curve is:
  10. The market demand shedule is determined by:
  11. In joint-profit maximization cartel, the distribution of profit is:
  12. Revealed Preference Theory was presented by:
  13. Elasticity (E) expressed by the term, 8 >E>1, is:
  14. If the commodity is inferior then the increase in income of the consumer results in:
  15. The total utility is gained by consuming:
  16. All of the following are capital resources except:
  17. Robbins definition of economics was criticised by:
  18. A price is a ratio of exchange between:
  19. Marginal utility (MU) always:
  20. Marginal utility means:
  21. A demand curve which is horizontal and parallel to x-axis represents:
  22. The act of producing the output from more than one plant is concerned with:
  23. Any straight line supply which cuts the x-axis will have:
  24. 7.In an economy based on the price system the decision on what shall be produced is made by:
  25. The imaginary differentiation is attributed to difference in:
  26. In the long-run:
  27. If we measure the elasticity of demand with the help of the average and marginal revenue, the formula…
  28. If production increases under constant returns to scale, the cost will:
  29. Total fixed costs are:
  30. Price elasticity of demand can be measured in the following way: