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The normal long-run average cost curve is influenced by the:

A. Principle of diminishing returns

B. Economies and diseconomies of large scale production

C. Principle of constant return to scale

D. All of the above

Correct Answer : B.


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  2. The entry of new firms in cournot model is:
  3. Dumping is international discriminating:
  4. Efficient allocation of resources is achieved to a greater extent under:
  5. In sweezy model (kinked demand curve model), the overall increase in costs of production:
  6. In respect of which of the following category of goods is consumers surplus highest?
  7. The shape of the TC curve is:
  8. Revealed Preference Theory was presented by:
  9. Nash equilibrium says:
  10. Least cost combination of two factor inputs is achieved at a point where:
  11. In case of complementary factors, the isoquants are:
  12. Total utility and price are:
  13. A market-clearing price:
  14. According to classical approach, utility can be:
  15. When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?
  16. The Latin term citeris paribus means:
  17. The main contribution of David Ricardo is in the field of:
  18. In perfect competition, the slope of the total revenue curve of a firm is equal to the:
  19. In monopolistic competition, the individual demand curve is also known as:
  20. An income demand curve of an inferior good is:
  21. Price discrimination occurs when:
  22. The Tit for Tat strategy means cooperation by the 2nd firm if:
  23. When with a change in price the total outlay (expenditures) on a commodity remains constant, it is a…
  24. Robbins definition of economics was criticised by:
  25. Elasticity of demand is equal to unity while marginal revenue is:
  26. In case of giffin good, price effect is:
  27. Elasticity (E) expressed by the term, 8 >E>1, is:
  28. In real life firms:
  29. Who stated explicitly for the first time the Law of Camparative Costs?
  30. An iso-product (an isoquant) curve slopes: