Which of the following is an inverted ‘U’ shaped curve ? (1) Average cost (2) Marginal cost (3) Total cost (4) Fixed cost Answer : Average cost...
Average Fixed Cost Curve is (1) Upward sloping (2) ‘U’ shaped (3) ‘V’ shaped (4) Downward sloping Answer : Downward sloping ...
Under perfect competition, the industry does not have any excess capacity because each firm produces at the minimum point on its (1) long-run marginal cost curve (2) long-run average cost curve (3) long-run average variable cost curve (4) long-run average revenue curve Answer : long-run average cost curve...
The long run average cost curve envelops (a) all short run average cost curves (b) all short run average variable cost curves © all short run marginal cost curves (d) none of the above.
If the average revenue is a horizontal straight line, marginal revenue will be (1) U shaped (2) Kinked (3) Identical with average revenue (4) L shaped Answer : Identical with average revenue ...
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