Economics - Study Mode
[#1031] Using TR and TC a profit maximising firm will be in equilibrium at a point where the
Correct Answer
(B) gap between the two is greatest
[#1032] The nature of cross price elasticity of demand in case of complementary products will be
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(B) negative
[#1033] Assertion (A) Marginal cost and differential cost do not convey the same meaning in all the circumstances. Reason (R) Differential cost increases or decreases due to change in fixed cost.
Correct Answer
(C) (A) is true, but (R) is false
[#1034] The point at which the total product stops increasing at increasing rate and starts increasing at decreasing rate is called
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(C) inflexion point
[#1035] In the following figure, marginal product reaches its maximum at a level of labour, which as compared to that for average product is
Correct Answer
(B) lower