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

An indifference curve is a graphic presentation of _____. (indifference map/indifference set)

When the income effect of a commodity is negative, it is called _________.

Law of demand explains _________________ relationship between own price of the commodity and its demand. (positive/inverse)

When price remains constant at all levels of output, price ______________ MC.

The gap between AC and AVC goes on falling as ____________ keeps on decreasing.

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)

In _________ economy, private sector dominates the economic activity. (market/mixed)

Demand schedule and demand curve give the _________________ information. (same/different)

Because milk is a perishable commodity, supply of milk is _______________ cloth. elastic than the supply of(more/less)

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