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46. the perfectly competitive firm will always expand output as long as
Rising marginal cost is less than the average cost
Rising marginal cost is less than the marginal revenue
Rising marginal cost is less than the price
None of the above
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47. The Law of Equi-marginal utility tells that if the price of a commodity falls
More units of it will be bought
Same units of it will be bought
Fewer units of it will be marginal bought
Nothing of it will be bought
48. A demand curve is a boundary concept because it shows
The minimum price and minimum quantity
The maximum price and minimum quantity
The maximum quantity and the minimum price
Both price and quantity is maximum
49. Under the perfect competition, the transportation cost
Is considered to be negligible and thus, ignored
Is charged along with the price of the commodity
Is considered to be vital for the calculation of the total cost
Excluded from the prime cost
50. A monopoly producer has
Control over production but not price
Control over production, price, and consumers
Control neither on production nor on price
Control overproduction as well as price
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