Mathematically marginal cost is equal to change in ———– divided by change in output:
A) Total fixed cost B) Average cost C) Total cost D) …
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Graphically, marginal cost curve is slope of ———– curve:
A) Total fixed cast B) Total cost C) Average total cast …
Average total cast and average variable cast curve are ————– shaped:
A) V B) U C) Inverse U D) None of these
Modern cost theory introduces the concept of ———— capacity:
A) Constant B) Reserve C) Excess D) None of these
Efficiency parameter in production function refers to the———– efficiency:
A) Entrepreneurial-organizational B) Land C) Labor D) Capital
Law material bears———— to output at all levels of production:
A) Constant B) Increasing C) Decreasing D) All of these
Returns to the scale refers to the ————- analysis of law of production:
A) Short-run B) Long-run C) Normal D) All of these
Linear isoquant shows the ———— substitutability of factors of production:
A) Limited B) Unlimited C) Perfect D) All of these
Total expenditure of consumers in market is derived by:
A) Individual demand B) Market demand C) Market price D) …
If close substitutes of goods are available then demand for goods is:
A) More elastic B) Inelastic C) Elastic D) None of these