MCQ
Equilibrium price and output changes when:
- ADemand changes.
- BSupply changes.
- ✓Both demand and supply changes.
- DAll of the above.
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| Production of Cricket Bats (in thousand) | 0 | 1 | 2 | 3 | 4 | 5 |
| Production of Sarees (in lakh) | 75 | 70 | 62 | 50 | 30 | 0 |
| Column I | Column II |
| A. Long run production function | (i) $TP _n- TP _{ n -1}$ |
| B. Short period | (ii) So long as $MP > AP$ |
| C. Marginal product | (iii) Production capacity remains constant |
| D. Total Product | (iv) Factor ratio does not change with change in the volume of output |