MCQ
| (a) | Goods | (1) | Man-made |
| (b) | Services | (2) | Nature |
| (c) | Free good | (3) | Tangible |
| (d) | Consumer good | (4) | Intangible |
- A1 2 3 4
- B2 4 3 1
- ✓4 3 2 1
- D3 4 2 4
| (a) | Goods | (1) | Man-made |
| (b) | Services | (2) | Nature |
| (c) | Free good | (3) | Tangible |
| (d) | Consumer good | (4) | Intangible |
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| a) | Mono poly | 1) | Few seller |
| b) | Duopoly | 2) | Single buyer |
| c) | Oligopoly | 3) | Single seller |
| d) | Monopsony | 4) | Two seller |
| a) | ATC | TC_(n)-TC_(n-1)quad |
| b) | Prime cost | Variable cost + Cost of administration |
| c) | TC | TFC+TVC |
| d) | Economic cost | Implicit cost + Explicit cost |
| a) | $(\alpha+\beta)=1$ | 1) | Diminishing returns |
| b) | $(\alpha+\beta)<1$ | 2) | Cobb-Douglas |
| c) | $(\alpha+\beta)>1$ | 3) | Constant returns |
| d) | $Q =A L ^\alpha K ^\beta$ | 4) | Increasing returns |