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The long run total cost is attained by:

A. LMC.Q

B. AC.Q

C. LC.Q

D. LAC.Q

Correct Answer : D.


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  1. If the production increases under decreasing returns to scale, the cost will:
  2. According to critics, the assumption of costless production is:
  3. With an increase in income, consumer is expected to buy more of:
  4. Liquidity of Preference Theory was introduced by:
  5. Marshallian approach is also known as:
  6. The word ECONOMICS is derived from the Greek terms meanings:
  7. Cross-elasticity of demand or cross-price elasticity between two substitutes will be:
  8. In Nash Equilibrium:
  9. LMC represents change in LTC (long-run total cost) due to producing an additional unit of a good while…
  10. Supply of commodity is a:
  11. The Hicksian indirect utility function in the form of equation is:
  12. Rotten eggs are:
  13. The situation in between the extremes of the govt. controlled, planned economy and the perfectly free,…
  14. Marginal cost curve cuts the average cost curve:
  15. The necessary condition of firms equilibrium requires:
  16. Implicit costs are the costs:
  17. The difference between the average total cost and average variable cost as output increases will:
  18. A loss bearing firm will continue to produce in the short run so long as the price at least covers:
  19. If cross-elasticity of one commodity for another turns out to be zero, it means they are:
  20. The engineering production function and engineering costs curves are concerned with the:
  21. Under competitive conditions, the industry will be in equilibrium:
  22. An inferior good/ commodity is inferior for:
  23. By increasing the price of its products above those of its competitors, a perfectly competitive seller:
  24. Identify the author of The Principles of political Economy and Taxation:
  25. The slope of budget line shows the price ratios of:
  26. Which form of market structure is characterized by interdependence in decision-making as between the…
  27. In monopolistic competition, the individual demand curve is also known as:
  28. In cournot model, at equuilibrium when MC = MR, the elasticity of demand is:
  29. From the resource allocation view point, perfect competition is preferable because:
  30. In the long-run competitive equilibrium, the theory predicts that: