The LAC curve is tangent to the lowest point on the SAC curves when the LAC curve is
A. | Rising |
B. | Falling |
C. | At its minimum |
D. | None of these |
Option: C Explanation : Click on Discuss to view users comments. |
'Marginal utility approach' was finalised by
A. | A. C. Pigou |
B. | Alfred Marshall |
C. | J. S. Mill |
D. | J. R. Hicks |
Option: B Explanation : Click on Discuss to view users comments. |
Under perfect competition, a firm will be in equilibrium when its AC is
A. | Covering only prime costs of production |
B. | At a minimum |
C. | At a maximum |
D. | Covering wages and salaries only |
Option: B Explanation : Click on Discuss to view users comments. |