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36. The LAC curve is tangent to the lowest point on the SAC curves when the LAC curve is
Rising
Falling
At its minimum
None of these
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37. 'Marginal utility approach' was finalized by
A. C. Pigou
Alfred Marshall
J. S. Mill
J. R. Hicks
38. Under perfect competition, a firm will be in equilibrium when its AC is
Covering only prime costs of production
At a minimum
At a maximum
Covering wages and salaries only
39. The imposition of a ceiling on a monopolist's price will affect his
Equilibrium output only
Average revenue in the short-run only
Profits only
Equilibrium output and profits
40. In a perfectly competitive market
The firm is the price giver and the industry the price-taker
The firm is the price-taker and industry the price giver
Both are the price-takers
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