Managerial Economics

A. Less than the average product

B. Equal to the average Product

C. More than the average product

D. None of these

A. When there is a single producer with close substitutes

B. When there is a single producer without any close substitutes

C. When there is a single producer

D. When a few producers control the industry

A. technological progress

B. learning by doing

C. Both A and B

D. None of these

A. Total marginal unit cost curve

B. Average total unit cost curve

C. Total unit cost curve

D. Total variable unit cost curve

A. When slope is zero, elasticity is zero; when slope is infinite, elasticity is also infinite

B. When slope is zero, elasticity is unitary and when slope is infinite, elasticity is still unitary

C. When slope is zero, demand is infinitely elastic; when slope is infinite, elasticity is zero

D. None of the above

A. a-4, b-1, c-3, d-2

B. a-3, b-4, c-2, d-1

C. a-1, b-2, c-3, d-4

D. a-1, b-3, c-2, d-4

A. zero marginal utility

B. decreasing marginal utility

C. increasing marginal utility

D. negative marginal utility

A. Equilibrium output only

B. Average revenue in the short-run only

C. Profits only

D. Equilibrium output and profits

A. Information is insufficient

B. Marginal Revenue, the change in total revenue when there is a change in quantity sold of the product

C. The addition to TR earned by selling n units of product instead of (n - 1) units

D. None of the above

A. AC

B. TC

C. FC

D. MC