The economies and diseconomies of large scale production is determined by
A. | The long run AC curve |
B. | The long run MC curve |
C. | The normal long run AC curve |
D. | The normal long run TC curve |
Option: C Explanation : Click on Discuss to view users comments. |
"The concept of marginal utility is useful for explaining diamond-water Paradox". This statement is
A. | Absolutely correct |
B. | Absolutely wrong |
C. | Partially correct |
D. | None of these |
Option: A Explanation : Click on Discuss to view users comments. |
A firm practising price discrimination will be
A. | Buying only from firms selling in bulk at a distance |
B. | Buying in cheapest and selling in the dearest markets |
C. | Charging different prices in different markets for a product |
D. | Charging different prices for different qualities of a product |
Option: C Explanation : Click on Discuss to view users comments. |
The horizontal demand curve for a commodity shows that its demand is
A. | Fairly elastic |
B. | Perfectly elastic |
C. | Highly elastic |
D. | Moderately elastic |
Option: B Explanation : Click on Discuss to view users comments. |
A monopolist has control over the price he charges for his product. He will be able to maximise his profit by
A. | Lowering the price, if the demand curve is elastic |
B. | Raising the price, if the demand curve is elastic |
C. | Lowering the price, if the demand curve is inelastic |
D. | None of the above is applicable |
Option: A Explanation : Click on Discuss to view users comments. |