An industry is said to be decreasing-cost industry if its log-rub supply curve is:
A) Equal B) Positive C) Negative D) None of These
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An industry is said to be increasing-cost industry if its log-rub supply curve is:
A) equal B) Positive C) Negative D) None of these
In perfect competition and in case long run firms earn ————– profit:
A) Normal B) Excess C) decreases D) constant
In perfect competition price is equal to:
A) Demand B) Marginal cost C) Marginal Revenue D) Total …
If marginal cost is greater than marginal revenue it implies that profit is being ————–:
A) Minimized B) Maximized C) Normal D) All of …
In perfect competition, government intervention is ————-:
A) Compulsory B) Free C) Prohibited D) Partial
What is the goal firm in perfect competition?
A) Profit maximization B) Output maximization C) Cost maximization D) All of these
In perfect competition there is a large number of:
A) Buyers B) Consumers C) Sellers D) A & C
Perfect competition is defined as the ———– of rivalry?
A) Absence B) Presence C) Existence D) None of these
Long run cost is also known as ————- cost:
A) Ex-ante cost B) Average cost C) Planning cost D) A …