In perfect competition, there is a process of
| A. | Restricted entry and exit of the firms |
| B. | Free entry and free exit of the firms |
| C. | Free entry but restricted exit of the firms |
| D. | Semi-free exit but absolute free entry |
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Option: B Explanation : Click on Discuss to view users comments. |
'The increasing returns to scale occurs because larger scale provides greater specialisation to various factors' according to
| A. | Paul A. Samuelson |
| B. | Alfred Marshall |
| C. | Chamberlain |
| D. | Joan Robinson |
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Option: C Explanation : Click on Discuss to view users comments. |
The change in TR resulting from the sale of one unit more of output, means
| A. | AR from a given output |
| B. | MR from a given output |
| C. | MR from a given input |
| D. | MR from MC |
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Option: B Explanation : Click on Discuss to view users comments. |
Price effect in indifference curve analysis arises
| A. | When the consumer becomes either better off or worse off because price change is not compensated by income change. |
| B. | When the consumer is better off due to a change in income and price |
| C. | When income and price change |
| D. | None of the above |
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Option: A Explanation : Click on Discuss to view users comments. |
