41. Assertion (A) All firms under perfect competition in long run earn only normal profit.
Reason (R) All firms under perfect competition in long run operate at the minimum average cost level.
Reason (R) All firms under perfect competition in long run operate at the minimum average cost level.
42. If college enrolments drop by 10% when textbook prices double; textbook and enrolments are . . . . . . . ., goods and their cross-price elasticity is . . . . . . . .
43. Which of the following is one of the basis for the indifference curve analysis?
44. What is the major export item among plantation crops?
45. In which type of market do you have the largest number of firms?
46. If a firm's revenues just coverall its opportunity costs, then
47. Decreasing costs of production are due to-
48. The mother of central economic problems is
49. In the indifference curve/budget line diagram, the consumer reaches higher indifference curves when
50. The cost incurred in the past, and is not affected by a current decision is referred to as
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