The elasticity of technical substitution is measured by
A. | The ratio of factor inputs |
B. | The change in the slope of the Iso-quant |
C. | The slope of the Iso-quant |
D. | None of the above |
Option: D Explanation : Click on Discuss to view users comments. |
The optimum output is the one which is produced
A. | At the maximum average cost |
B. | By the optimum firm |
C. | At the minimum average cost |
D. | At zero marginal cost |
Option: C Explanation : Click on Discuss to view users comments. |
Consumers are likely to get a variety of goods under
A. | Imperfect competition |
B. | Monopoly |
C. | Perfect competition |
D. | Oligopoly |
Option: A Explanation : Click on Discuss to view users comments. |
MU of nth unit is found by the following formula
A. | TU.n |
B. | TU/n |
C. | TUn – TU(n-1) |
D. | TU = +n |
Option: C Explanation : Click on Discuss to view users comments. |
Marginal cost curve always cuts the average cost curve
A. | From below on the rising portion of the AC curve |
B. | From below on the falling portion of the AC curve |
C. | From below at the minimum point of the AC curve |
D. | From below at any point on the AC curve |
Option: C Explanation : Click on Discuss to view users comments. |