Agricultural Economics - Study Mode
[#151] When both the price of a substitute and price of a component of commodity X rise, demand for X
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(B) Rises
[#152] A production function with unitary elasticity indicates
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(D) Constant returns
[#153] In the short-run, average cost, average variable cost and marginal cost curves are U-shaped due to the operation of
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(C) Law of variable proportion
[#154] Which of the following is also referred to as opportunity cost
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(B) Alternative cost
[#155] Which one of the following economic principles helps a farmer to allocate his limited resources to two different enterprises?
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(D) The law of equimarginal returns