Economics - Study Mode
[#311] Consumer is said to be in equilibrium, maximising his total utility, when
Correct Answer
(B) the proportions of the marginal utilities and respective prices are equal
[#312] If demand increases in a market, this will usually lead to
Correct Answer
(A) a higher equilibrium price and output
[#313] The difference between total cost and total fixed cost represents
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(C) Total variable cost
[#314] Supplementary costs in production are incurred to-
Correct Answer
(A) make the demand curve less elastic
[#315] The demand curve of a firm in perfect competition is
Correct Answer
(C) parallel to the x-axis