The competitive equilibrium leads to:
The firms producing with excess capacity
The firms producing at their minimum costs
Firms producing at a cost higher than the minimum
Some firms producing under decreasing costs and others under increasing costs
- Labor theory was firstly rejected by:
- Who wrote Economics of Imperfect Competition?
- Price leadership is associated with:
- With firms having cost differences under perfect competition, a firm, which earns normal profit in the…
- Traditionally, the study of determination of price is called:
- Law of Diminishing Marginal Utility is practically untrue because:
- At a point where a straight line demand curve meets the price axis (Y-axis), the elasticity of demand…
- Scarcity means:
- Revealed Preference Theory was presented by:
- The income effect means that consumer purchase more when:
- The isoquant approach is:
- The engineering production function and engineering costs curves are concerned with the:
- The demand curve slopes downwards due to:
- In case of perfect competition, TR curve rises at a:
- Necessary condition for consumer equilibrium is:
- If production increases under constant returns to scale, the cost will:
- 4.The Law of Diminishing Returns according to the modern view, applies to:
- If by doubling all inputs in the long run output is less than double, it is a case of:
- In the immediate run:
- An increase in the supply of a commodity is caused by:
- If the marginal utility is divided by the price of the commodity then it is called:
- Consumers are likely to get a variety of similar goods under:
- The budget-line is also known as the:
- The standard form of demand function is:
- The fixed cost of a firm:
- Two policy variables, product and selling activities in the theory of firm was introduced by:
- Which of the following is not a property of indifference curve?
- A decrease in demand lowers the price the most:
- Price-taker firms:
- Other things remaining the same, when a consumers income increases his equilibrium point moves to: