The positively sloped part of long run cost curve of a firm is due to (a) Economies of scale ; (b) Diseconomies of scale; (c) Diminishing returns to scale ; (d) Marginal utility theory Answer : (b) Diseconomies of scale;...
When a firm enters the law of diminishing returns to scale (a) TVC curve begins to fall at an increasing rate (b) TVC curve begins to increase at an increasing rate (c) TVC curve begins to fall at an decreasing rate (d) TVC curve begins to increase at an decreasing rate Answer : (a) TVC curve begins to fall at an increasing rate ...
Total variable cost curve is explained by (a) Law of the diminishing marginal returns ; (b) The price of the variable inputs; (c) Production function ; (d) All the three Answer : ; (d) All the three...
Increase in price of a product reduces the purchasing power as a result of which demand for a product goes up. This effect is known as (a) Substitution effect ; (b) Income effect ; (c) Diminishing marginal utility concept (d)Law of diminishing returns Answer : ; (b) Income effect ;...
Marginal cost curve is (a) Positively sloped ; (b) Negatively sloped ; (c) Parallel to X axis ; (d) Parallel to Y axis Answer : (a) Positively sloped...
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