Consumer's surplus is the highest in the case of
A. | Necessities |
B. | Luxuries |
C. | Comforts |
D. | Conventional necessities |
Option: A Explanation : Click on Discuss to view users comments. |
The term optimum allocation on consumer's expenditure on various goods and services is used in
A. | Giffen paradox |
B. | Law of demand |
C. | Law of equi-marginal utility |
D. | Law of diminishing marginal utility |
Option: C Explanation : Click on Discuss to view users comments. |
If ATC curve is a rising straight line, then as output expands, MC curve will
A. | Both will be the same |
B. | Lie below the ATC curve |
C. | Lie above the ATC curve |
D. | Any of the above |
Option: C Explanation : Click on Discuss to view users comments. |