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The fixed cost of a firm:

A. Are fixed even in the long period

B. When expressed as an average, show a continuous decline with increase of output

C. Do not reflect diminishing marginal returns

D. None of the above

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  1. The firm is said to be in equilibrium when the difference between revenue and cost is:
  2. An indifference curve slopes down towards right since more of one commodity and less of another result…
  3. When total product increases at a decreasing rate:
  4. Elasticity (E) expressed by the term, 8 >E>1, is:
  5. In monopolistic competition, the aim of the firm is to:
  6. The demand curve of a firm in monopolistic competition is:
  7. The situation of single buyer and single seller is called:
  8. Chamberline introduces the concept of:
  9. In monopoly, new firms:
  10. Which of the following statement is wrong?
  11. The Chamberline model recognizes mutual:
  12. Karl Marx:
  13. A firm is a sum of persons who convert:
  14. If a good is an inferior good then an increase in incomes of the consumers will:
  15. The model which gives us information about price and output changes in different periods is:
  16. According to Marshal, the Law of Diminishing Marginal Utility:
  17. Airlines that try to lower fares in order to increase revenues believe that demand for airline services…
  18. We can find total utility by:
  19. The elliptical isoquant represents the:
  20. In respect of which of the following category of goods is consumers surplus highest?
  21. Total utility:
  22. Marginal utility is only meant for:
  23. Law of Substitution in production was presented by:
  24. Used cars are sold in:
  25. Identify the author of The Principles of political Economy and Taxation:
  26. The partial equilibrium model keeps other things:
  27. The long run average cost curve is the envelope of:
  28. If in the long run, output increases in the same proportion as increase in all the input in the given…
  29. The firm is at equilibrium where:
  30. In joint-profit maximization cartel, the distribution of profit is: