The long-run average cost is based on the fact that:

A. None of the factors are variable in the long-run

B. All factors are perfectly divisible in the long-run

C. None of the factors is divisible

D. Management factor is indivisible while all other factors are divisible and can be varied in long-run


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  1. A monopolist has control over the price he charges for his product. He will be able to maximize his…
  2. The total utility is gained by consuming:
  3. Marginal utility equals:
  4. In dominant price leadership model, the dominant firm set the:
  5. Which describes a competitive market?
  6. Which of the following is the work of A.C.Pigou?
  7. According to classical approach, utility can be:
  8. In real life firms:
  9. If the price of Pepsi Cola goes down, you would predict:
  10. Increase in demand occurs when:
  11. At final equilibrium in cournot model, each firm sells:
  12. The firm producing at the minimum point of the AC curve is said to be:
  13. In discriminating monopoly (price discrimination), the cost of production in two markets are:
  14. If a straight line supply curve makes an intercept on the X-axis, the elasticity of supply is:
  15. Decrease in demand results in:
  16. According to Marshallian approach, utility:
  17. Diminishing returns occur when a firm:
  18. In monopoly, the relationship between average revenue and marginal revenue curves is as follows:
  19. Under pure monopoly, there will be:
  20. A loss bearing firm will continue to produce in the short run so long as the price at least covers:
  21. Contracts made by firms in cooperative games are:
  22. The pay-off matrix shows:
  23. The relationship between MC and MP shown by the marginal cost concept is:
  24. In monopolistic competition, the firm compete on the basis of:
  25. The demand curve slopes downwards due to:
  26. Compared to perfect competition, a monopolist will charge:
  27. Gold is bought and sold in a:
  28. If both demand and supply were to increase then:
  29. Duopoly is a market where there are:
  30. In Edgeworth model, if price falls below competitive price, the demand is: