The economically relevant range of the total utility curve is the portion over which
A. | The total utility is rising at a declining rate |
B. | The total utility is maximum and constant |
C. | The total utility is rising at an increasing rate |
D. | The total utility is declining |
Option: A Explanation : Click on Discuss to view users comments. |
If the factor prices and factor quantities move in the same direction, we have
A. | A decreasing cost industry |
B. | A constant cost industry |
C. | An increasing cost industry |
D. | Inadequate data to tell precisely what will happen |
Option: C Explanation : Click on Discuss to view users comments. |
While analysing Marshall's measure of consumer's surplus one assumes
A. | Monopoly |
B. | Perfect competition |
C. | Imperfect competition |
D. | Monopsony |
Option: B Explanation : Click on Discuss to view users comments. |