21. "The increasing returns to scale occurs because larger scale provides greater specialisation to various factors" according to
22. When the APL is positive but declining, the MPL could be
23. Match the following:
List-I (Theory)
List-II (Relation)
a. Say's Law of market
1. Employment
b. Keynes's Psychological Law
2. Consumption
c. Paradox of thrift
3. Saving
d. Marshall
4. Population
| List-I (Theory) | List-II (Relation) |
| a. Say's Law of market | 1. Employment |
| b. Keynes's Psychological Law | 2. Consumption |
| c. Paradox of thrift | 3. Saving |
| d. Marshall | 4. Population |
24. Given the total cost (TC) as 20,000 + 6Q, the firm sells its output for a fixed price of Rs. 18.5. The break-even quantity (Q) would be
25. Which one is not the method of demand forecasting?
26. Two commodities are considered to be perfect substitutes for each other if the elasticity of substitution is
27. The implication of the kinked demand curve is reflected in a discontinuity in the
28. Imagine a graph showing production possibilities. What does an outward shift of the production possibilities curve indicate?
29. If ATC curve is a rising straight line, then as output expands, MC curve will
30. In a typical demand schedule, quantity demanded varies
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