The economic problem of determining the combination of inputs yielding lowest cost for producing a given output:
Is only a choice among the technologically efficient combination
Depends on the relative price of inputs
Depends on the price of the product
Depends on the profits made
- If the price of coffee increases, you would predict that:
- Normally when price per unit of time falls:
- In the long run average costs curve, a firm can change:
- The longer the period of time, the elasticity of supply will be:
- Kinked Demand Curve is consistent with which one of the following market situations?
- The cost of production is faced by a:
- We can obtain consumers demand curve from:
- When the output of a firm is increasing, its average fixed cost:
- The study of economics just in theoretical way is called:
- Which of the following is not characteristic of perfect competition?
- Compared to perfect competition, a monopolist will charge:
- Who wrote An Introduction to Positive Economics?
- Competitors in monopolistic competition have full control over:
- Supply of a commodity refers to:
- In second degree price discrimination, monopolist takes away :
- When a consumer is in equilibrium then slope of indifference curve is:
- Repetition of a game (Repeated Game):
- Even in the long-run equilibrium, the pure monopolist can make abnormal profits because of:
- The optimal strategy for a player is termed as:
- Marginal utility equals:
- Any straight line supply which cuts the x-axis will have:
- Total utility:
- Indifference curve represents:
- Law of Substitution in production was presented by:
- A producer attains the least cost combination when the relation between Marginal Rate of Technical Substitution…
- Each firm in cournot model starts selling:
- Some farm land can be used to produce either corn or soybeans. If the demand for corn increases then:
- The game theory was basically presented by:
- Increasing returns imply:
- Cross-elasticity of demand is measured as: