Under perfect competition a firm can produce with
A. | An optimum plant |
B. | Identical products at low cost |
C. | Maximum profit |
D. | An optimum output |
Option: A Explanation : Click on Discuss to view users comments. |
If marginal cost is above average variable at a time when output is rising, then
A. | Average variable cost is falling |
B. | Average variable cost is rising |
C. | Average total cost is falling |
D. | Average total revenue is rising |
Option: B Explanation : Click on Discuss to view users comments. |
Equilibrium of monopolist will never lie below the middle point of the average revenue curve because below the middle point
A. | Elasticity of demand is less than one |
B. | MR is negative |
C. | Both (a) and (b) |
D. | Market laws cease to be operate |
Option: C Explanation : Click on Discuss to view users comments. |
The concept of indifference curve analysis was given scientific touch by
A. | Slutsky in 1915 |
B. | F. Y. Edgeworth in 1881 |
C. | Irving Fisher in 1982 |
D. | Alfred Marshall in 1921 |
Option: B Explanation : Click on Discuss to view users comments. |
In monopoly, the relationship between average revenue and marginal revenue curves is as follows :
A. | Average revenue curve lies above the MR-curve |
B. | AR curve lies below the MR-curve |
C. | AR curve coincides with the MR-curve |
D. | AR curve is parallel to the MR-curve |
Option: A Explanation : Click on Discuss to view users comments. |