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36. The expansion path of production theory is analogous in consumption theory to the
Engel curve
Price consumption line
Income consumption line
Budget constraint line
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37. "Steps downwards at first and then upwards". It is the movement of
TFC curve
AVC curve
TVC curve
TC curve
38. The vertical distance between TVC and TC is equal to
AVC
MC
TFC
None of these
39. The Law of Diminishing Returns is applied to all fields of production was stated by
A. C. Pigou
Walras
Alfred Marshall
David Ricardo
40. Marginal product is
What is left to the entrepreneur after he has paid all his expenses
The extra output obtained from employing an additional unit of a factor
What is produced when all factors of production are employed at optimum efficiency
The annual output of the most efficient firm in the industry
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