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26. An indifference curve is downward sloping from left to right since more x and less y give
Less satisfaction
More satisfaction
Equal satisfaction
Maximum satisfaction
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27. Which of the following statements is correct or more nearly correct?
If the price of a commodity falls, its value relative to other goods does not change
Value has nothing to do with price
An increase in the price of commodity represents a fall in its value
The price of a good is its value measured in terms of money
28. An increase in a firm's fixed costs will
Change total costs but not marginal costs
Change both marginal and total costs
Change variable costs but not marginal costs
Change marginal costs but not total costs
29. "The opportunity cost of using any factor is what is currently forgone by using it." This definition of opportunity cost is given by
Marshall
Prof. Lipsey
Joan Robinson
Paul A. Samuelson
30. A monopoly producer usually earns
Abnormal profits
Neither profits nor losses
Only normal profits
Profits and losses which are uncertain
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