The expansion path of production theory is analogous in consumption theory to the
| A. | Engel curve |
| B. | Price consumption line |
| C. | Income consumption line |
| D. | Budget constraint line |
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Option: C Explanation : Click on Discuss to view users comments. |
"Steps downwards at first and then upwards". It is the movement of
| A. | TFC curve |
| B. | AVC curve |
| C. | TVC curve |
| D. | TC curve |
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Option: C Explanation : Click on Discuss to view users comments. |
The vertical distance between TVC and TC is equal to
| A. | AVC |
| B. | MC |
| C. | TFC |
| D. | None of these |
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Option: C Explanation : Click on Discuss to view users comments. |
The Law of Diminishing Returns is applied to all fields of production was stated by
| A. | A. C. Pigou |
| B. | Walras |
| C. | Alfred Marshall |
| D. | David Ricardo |
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Option: C Explanation : Click on Discuss to view users comments. |
Marginal product is
| A. | What is left to the entrepreneur after he has paid all his expenses |
| B. | The extra output obtained from employing an additional unit of a factor |
| C. | What is produced when all factors of production are employed at optimum efficiency |
| D. | Annual output of the most efficient firm in the industry |
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Option: B Explanation : Click on Discuss to view users comments. |
