Average fixed cost increases sharply

More production yields lower per unit price

The law of variable proportions applies to short run production

Sales expenses become much larger

**Income distribution effects:****Efficient allocation of resources is achieved to a greater extent under:****An income demand curve of an inferior good is:****According to current thinking, the law of diminishing returns applies to:****To calculate the elasticity of demand, which of the following formula is used?:****The main contribution of Prof.Robbins is in the field of:****According to Chamberline, in monopolistic competition, differentiation is determined by:****In non-constant sum game (non-zero sum game), if there are two parties then:****J.R.Hicks was:****Variable cost includes the cost of:****According to translog production function, elasticity of substitution is:****Extension (expansion) and contraction of demand are result of:****The Lambda or Langrange Multiplier is a:****Who wrote A Contribution to the Theory of Trade Cycle?****Indifference curve represents:****In Bertrand model, the entry of new firms is:****The relationship between price effect, income effect and substitution effect is:****MC = MR = AC = AR shows the long run equilibrium position of the:****The slope of the iso-cost line (budget line) is determined by:****A high value of cross-elasticity indicates that the two commodities are:****Who is the author of Choice of Technique?****The proportionality rule in production requires that the ratios of MP and factor prices are:****In cournot model, each firm expects a reaction from his rival but the expected reaction is not:****The demand curve of a firm in monopolistic competition is:****When total product increases at a decreasing rate:****In case of short-run, the supply curve of an industry is the horizontal summation of:****The production function can convey to a firm:****The shape of the TC curve is:****In case of complementary factors, the isoquants are:****Of the following, which one is a characteristic of monopolistic competition?**