If the firms under perfect competition have different costs, abnormal profits will be earned in the long run only by
| A. | Marginal firm |
| B. | All the firms |
| C. | Intramarginal firms |
| D. | None of the firms |
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Option: C Explanation : Click on Discuss to view users comments. |
As a consumer increases his consumption of a commodity, the total utility he derives from its consumption increases, but at a diminishing rate. This is
| A. | An economic law |
| B. | A statement of fact |
| C. | A hypothesis |
| D. | None of the above |
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Option: C Explanation : Click on Discuss to view users comments. |
Which of the stages is relevant range for a rational firm in the competitive situation in the following diagram?
| A. | Stage I |
| B. | Stage II |
| C. | Stage III |
| D. | None of the above |
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Option: B Explanation : Click on Discuss to view users comments. |
