Economics - Study Mode
[#526] The competitive equilibrium leads to
Correct Answer
(B) the firms producing at their minimum cost
[#527] Which is the assumption of utility analysis?
Correct Answer
(A) Utility is measurable in terms of money
[#528] For profit maximisation of a firm following conditions should be fulfilled. 1. MC = MR. 2. Marginal cost curve cuts the average cost curve from below. Which of the above said condition(s) is/are correct?
Correct Answer
(C) Both 1 and 2
[#529] When the production decreases gradually due to continuous use of units of production factors
Correct Answer
(C) Law of diminishing return
[#530] A concept, which has importance in the equilibrium analysis and thus economic analysis is
Correct Answer
(C) marginal cost