The negatively sloped part of long run cost curve of a firm is due to (a) Increase in production due to specialization and division of labour; (b) Diseconomies of scale ; (c) Diminishing returns to scale ; (d) Marginal utility theory Answer : (a) Increase in production due to specialization and division of labour;...
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;...
Long run supply curve of a constant cost industry is (a) Horizontal line at a price that is equal to the long run minimum average cost of production; (b) Horizontal line overlapping X axis ; (c) Vertical line at mid of X axis ; (d) Vertical line overlapping Y axis Answer : (a) Horizontal line at a price that is equal to the long run minimum average cost of production; ...
The paradox of Diamond is more costly than water is explained by (a) Marginal utility concept ;(b) Scarcity ; (c) Relative cost of production ; (d) All the three Answer : ;(b) Scarcity ;...
The law of diminishing marginal utility is most useful for explaining the (a) Law of supply (b) Law of demand © Shape of production possibility curve (d) curvature of total cost curve Answer : (b) Law of demand...
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