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The competitive equilibrium leads to:

A. The firms producing with excess capacity

B. The firms producing at their minimum costs

C. Firms producing at a cost higher than the minimum

D. Some firms producing under decreasing costs and others under increasing costs

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