A. | Land is the factor kept constant |
B. | The state of technical knowledge is unchanged |
C. | Total output is constant |
D. |
Average output declines faster than marginal output
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Option: B Explanation : Click on Discuss to view users comments. |
Monopoly equilibrium can be reached when
A. | Marginal cost is rising |
B. | Marginal cost is remaining constant |
C. | Marginal cost is falling |
D. | All of the above |
Option: D Explanation : Click on Discuss to view users comments. |
A. | MR = MC |
B. | P < AC |
C. | MR < MC |
D. | MR > MC |
Option: A Explanation : Click on Discuss to view users comments. |