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46. Isoquant refers to
An equal quantity curve of a consumer
The production indifference curve
Another name of indifference curve
An equal-cost curve of a producer
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47. Under the perfect competition, the transportation cost
Is considered to be negligible and thus, ignored
Is charged along with the price of the commodity
Is considered to be vital for the calculation of the total cost
Excluded from the prime cost
48. If a demand curve exhibits unit elasticity for all prices, the MR curve
Is identical with it
Lies below the demand curve
Is identical with the X-axis
Is identical with the Y-axis
49. Which is the best definition of the marginal firm?
The firm with the lowest costs
The firm with a large profit
The firm which makes an only normal profit
The firm which equates its marginal costs with marginal revenue.
50. The share of revenues paid to suppliers does not depend upon
relative productivity.
resource scarcity.
input market competition.
output market competition.
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