The lowest point of the TC curve is
A. | The same as the lowest point of AVC curve |
B. | The right of the lowest point of the AVC curve |
C. | The left of the lowest point of the AVC curve |
D. | None of these |
Option: B Explanation : Click on Discuss to view users comments. |
Any straight line supply curve which cuts the X-axis will have
A. | An elasticity less than one but not zero |
B. | Unitary elasticity of supply |
C. | An elasticity greater than one |
D. | Zero elasticity of supply |
Option: A Explanation : Click on Discuss to view users comments. |
When the law of diminishing returns begins to operate the TVC curve begins to
A. | Fall at a decreasing rate |
B. | Rise at a decreasing rate |
C. | Fall at an increasing rate |
D. | Rise at an increasing rate |
Option: D Explanation : Click on Discuss to view users comments. |
MC is given by
A. | The slope of the TC curve but not by slope of the TVC curve |
B. | The slope of the TVC curve but not by slope of the TC curve |
C. | The slope of the TFC curve |
D. | Either the slope of the TVC curve or slope of the TC curve |
Option: B Explanation : Click on Discuss to view users comments. |