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46. Average fixed costs
Increase as output increases
Remain the same whatever the level of output
Diminish as output increases
Do not show any uniform pattern
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47. Ordinal approach is based on
The utility could not be measured in ordinal numbers
The utility could not be measured in cardinal numbers
Law of maximum satisfaction
The utility can be measured
48. Of the following, which one corresponds to fixed cost?
Transportation charges
Payments for raw material
Labor costs
Insurance premium on property
49. The marginal product curve is above the average product curve when the average product is
Becomes constant
Increasing
Decreasing
None of the above
50. If the individual firm's demand curve is coincident with the market demand curve then
Marginal revenue is equal to average revenue
The firm is a monopolist
The firm can set any price it wants without limitation
The firm is price-taker
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