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Which is the correct statement?

A. The U shape of long-run cost curve is less pronounced than the short-run cost curves

B. The U shape of the short-run cost curves is less pronounced than the long-run cost curves

C. The U shape of the long-run cost curve is more pronounced than the short-run cost curves

D. The long-run cost curves are never U shaped

Correct Answer : A.


The long run cost curve,i.e.
LAC curve is U-Shaped but less pronounced than the SAC, because it is actually saucer-type )

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  1. Increasing return to scales can be explained in terms of:
  2. The short-run supply curve of the perfectly competitive firm is given by:
  3. With the expansion of output, the short run average cost curve, beyond a point, starts rising because:
  4. According to marginalistic rule, the profit maximization hypothesis requires:
  5. If the commodity is inferior then the increase in income of the consumer results in:
  6. The long run average cost curve is the envelope of:
  7. A monopolist has control over the price he charges for his product. He will be able to maximize his…
  8. In case of giffin good, price effect is:
  9. A firm under perfect competition has:
  10. Excess capacity is not found under:
  11. Which of the following is not a property of indifference curve?
  12. If the increase in demand is more than the increase in supply, the price will:
  13. In general, most of the production functions measure:
  14. The difference between accounting profits and economic profits is:
  15. In monopoly, the relationship between average revenue and marginal revenue curves is as follows:
  16. The non-price competition cartel is a:
  17. The budget constraint equation of the firm is:
  18. To calculate the elasticity of demand, which of the following formula is used?:
  19. The Input-Output Analysis was originated by:
  20. Along an isoquant, output remains same, and capital labor ratio:
  21. Marginal utility means:
  22. On a straight line demand curve, elasticity of demand at the midpoint is:
  23. The shape of the TC curve is:
  24. In long run, a firm can change:
  25. Indifference curves reflect:
  26. The proportionality rule in production requires that the ratios of MP and factor prices are:
  27. The difference between laws of return and laws of return to scale is:
  28. We can measure consumers surplus with the help of
  29. The spending of money by the producer to influence consumers is an example of:
  30. When elasticity of demand is greater than one (e >1), then following the formula MR=P[1-1/e], the MR…