1. The fixed costs of a firm
1. are fixed only in the short period.
2. when expressed as an average, do not change with output.
3. do not reflect diminishing marginal returns.
Select the correct answer
1. are fixed only in the short period.
2. when expressed as an average, do not change with output.
3. do not reflect diminishing marginal returns.
Select the correct answer
2. Which one of the following statement is correct?
3. Which of the following is necessary for a natural monopoly?
4. The industry supply curve under perfect competition (when revenue prices are constant and there are no external economies and diseconomies)
5. If it is assumed that there is no government or foreign sector and the marginal rate of consumption is 0.8, then the value of the multiplier will be
6. To calculate the elasticity of demand which of the following formula is used
7. When AR is constant, MR is
8. Profit is denoted with which of the following symbol?
9. If an increase in the price of blue jeans causes on increase in the demand for tennis shoes, then what types of goods are blue jeans and tennis shoes
10. If the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price, elasticity of demand is
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