MICROECONOMICS CH : 10 PRODUCER'S EQUILIBRIUM — Economics STD 11 Commerce — Question

Problem of choice is the basis of _________. (economic problem/social problem)

_______ is per unit fixed cost of production of a commodity.

AR curve is also known as ____________ curve.

If the demand for a commodity rises more than it supply, then its price will ___________ (rise/fall)

Other things remaining constant, if on a given piece of land, more and more units of labour are applied, then after a point, the marginal product of labour begins to ____________ (fall/rise)

When consumption of a commodity increases, then marginal utility _________ (diminishes/increases)

As output increases, AC and AVC tends to be closer but the difference between AC and AVC can never be ________.

When supply rises with constant price, it is called _______________ (extension of supply/increase in supply)

The law of demand does not apply to _________________ goods. (normal/Giffen)

The law of demand does not apply to _________________ goods. (normal/Giffen)