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Under perfect competition, at equilibrium, marginal cost is:

A. Less than marginal revenue

B. Equal to marginal revenue

C. More than marginal revenue

D. None of the above

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  2. In the case of superior (normal) commodity, the income elasticity of demand is:
  3. If two goods are perfect substitutes then IC will be:
  4. The basic and essential economic problems in a community are related to choice and:
  5. The market demand for any commodity is the:
  6. Which describes a competitive market?
  7. Substitution effect means a consumer
  8. In monopolistic competition, the aim of the firm is to:
  9. Under Bandwagon effects, people use those goods which are used by their:
  10. The price consumption curve (PCC) for commodity X is the locus of points of consumer equilibrium resulting…
  11. The low cost price leader will charge:
  12. With elasticity of demand, the:
  13. Short run cost curves are influenced by:
  14. Scarcity means:
  15. The MC curve cuts the AVC and ATC curves:
  16. When with a change in price the total outlay (expenditures) on a commodity remains constant, it is a…
  17. The pay-off matrix shows:
  18. An effective price ceiling usually results in:
  19. In case of income effect, the level of consumers satisfaction rises when:
  20. Ceteris paribus clause in the law of demand means:
  21. Revealed Preference Theory was presented by:
  22. The demand curve of a firm in monopolistic competition is:
  23. Liquidity of Preference Theory was introduced by:
  24. Income distribution effects:
  25. An optimum level of a firms output is:
  26. In cournot model, firms face:
  27. At the point where a straight line demand curve meets the quantity axis (x-axis), elasticity of demand…
  28. In perfect competition, the slope of the total revenue curve of a firm is equal to the:
  29. Economics define technology as:
  30. Who is the founder of classical school of thought?