If the firms under perfect competition have different costs, abnormal profits will be earned in the long run only by
A. | Marginal firm |
B. | All the firms |
C. | Intramarginal firms |
D. | None of the firms |
Option: C Explanation : Click on Discuss to view users comments. |
As a consumer increases his consumption of a commodity, the total utility he derives from its consumption increases, but at a diminishing rate. This is
A. | An economic law |
B. | A statement of fact |
C. | A hypothesis |
D. | None of the above |
Option: C Explanation : Click on Discuss to view users comments. |
Which of the stages is relevant range for a rational firm in the competitive situation in the following diagram?
A. | Stage I |
B. | Stage II |
C. | Stage III |
D. | None of the above |
Option: B Explanation : Click on Discuss to view users comments. |