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61. Break-even point for a firm occurs where its
Total Revenue > Total cost
Total Revenue < Total cost
Total Revenue = Total cost
None of the above
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62. In the long run, under perfect competition price of the factor is equal to
Marginal revenue product (MRP)
Average revenue product (ARP)
Both (A) and (B)
Marginal physical product
63. The elasticity of substitution between two inputs in CES production function
Decreases continuously
Increases continuously
Remains constant
None of these
64. Bilateral monopoly means
A monopoly seller buying his input from many suppliers
Two rival buyers only
Two rival sellers only
A monopolist facing a monopsonist
65. Which of the following is an assumption of the model of perfect competition?
Product homogeneity
No government regulation
Perfect mobility of factors of production
All of the above
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