MICROECONOMICS CH : 4 CONSUMER'S EQUILIBRIUM INDIFFERENCE CURVE ANALYSIS — Economics STD 11 Commerce — Question

Difference between fixed and variable costs is found in ____________. (short period/long period)

TR-TVC = ____________ (gross profit/net profit)

TR increases as long as MR is ____________.

MR and AR coincide with the same horizontal line in case price is ____________.

Law of supply states that there is commodity._______________ relationship between price and supply of a (negative/positive)

Choice is the outcome of _________. (scarcity/decision-making)

Average revenue and marginal revenue curves have ________ slope under monopoly market.

Price elasticity of demand at the mid-point of a straight line downward sloping demand curve is ___________       (unitary/more than unitary)

The behaviour of Average Revenue is __________ when Total Revenue increases at constant rate.

Demand curve of a firm under perfect competition shows ______________ elasticity of demand. (zero/infinite)