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Total variable cost curve:

A. Steps downwards at first and then upwards

B. Steps upwards, then remains constant and then falls

C. Steps downwards

D. None of the above

Correct Answer : A.


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  2. The marshallian demand curve includes:
  3. Income-elasticity of demand is expressed as:
  4. Each SAC represents a particular level of:
  5. The elasticity of demand is equal to slope of demand function divided by:
  6. Under monopolistic competition, the firms compete alongwith:
  7. In case the two commodities are complements, cross elasticity will be:
  8. Using total revenue and total cost, a profit maximizing firm will be equilibrium at a point:
  9. Scarcity is:
  10. If the commodity is normal then Income Effect (I.E) is:
  11. In case of budget line, we get pairs of two goods where consumers income is:
  12. Cross-elasticity of demand or cross-price elasticity between two complements will be:
  13. If a straight line supply curve passes through the point of origin O, the elasticity of supply is:
  14. In monopolistic competition, the aim of the firm is to:
  15. The concept of product differentiation was firstly introduced by:
  16. In modern cost theory, AVC= b1 and MC= b1 in the range of:
  17. The fundamental choices that a society must make about the use of its resources include:
  18. A monopoly producer usually earns:
  19. If, at the prevailing price, more of a good is desired than is available for sale:
  20. In monopoly, new firms:
  21. Production function shows:
  22. Some economists refer to iso-product curves as:
  23. Isocost line shows the combinations of labor and capital where a firms budget is:
  24. The main contribution of Malthus is in the field of:
  25. Excess capacity is not found under:
  26. Because the price elasticity of demand for OPEC oil is approximately .08, in order to increase revenues…
  27. If the price of product A decreases and in the result the demand for product B increases then we can…
  28. J.R.Hicks was:
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  30. In a perfectly competitive market, suppliers must know: