The long run average cost curve is the envelope of:





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  1. If production increases under constant returns to scale, the cost will:
  2. Income effect operates through an increase
  3. As the price of diamond is higher, so it has:
  4. When a consumer reached at the point of saturation then marginal utility (MU) is:
  5. The sufficient condition of firms equilibrium requires:
  6. Total utility and price are:
  7. Indifference curve approach (ordinal approach) is superior to utility approach (cardinal approach) because:
  8. Any straight line supply which cuts the x-axis will have:
  9. Classical production function is:
  10. Law of Returns to Scale shows:
  11. The addition or increment to the total cost involvesd in expanding or contracting output by one unit…
  12. Which of the following is not a feature of isoproduct curves?
  13. Cross-demand curve shows:
  14. Under the law of variable proportions, the average and the marginal product of the variable factor would…
  15. Which of the following is not a characteristic of a perfectly competitive market?
  16. Economics is a:
  17. A typical demand curve cannot be:
  18. If money income is given then consumer is in equilibrium when:
  19. In Prisoners Dilemma, both the prisoners are interrogated:
  20. Marginal utility equals:
  21. With the change in the factor prices, the slope of the expansion path will:
  22. Price elasticity of demand is best defines as:
  23. A firm in a position of equilibrium is supposed to be maximizing:
  24. If under perfect competition, in the short period, price does not cover the average cost completely,…
  25. Even in the long-run equilibrium, the pure monopolist can make abnormal profits because of:
  26. We can find total utility by:
  27. If we measure the elasticity of demand with the help of the average and marginal revenue, the formula…
  28. According to classical approach, utility can be:
  29. Monopoly means:
  30. The reserve capacity in administration is advocated on the ground that demand for a product will: