MICROECONOMICS CH : 2 CENTRAL PROBLEMS OF AN ECONOMY — Economics STD 11 Commerce — Question

When MR is zero, TR is ____________ and ____________.

If the market supply of a commodity X changes due to rise in price of a factor input, the market supply curve will ________. (Fill up the blank)

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

A consumer demands more quantity of a commodity when price decreases because _______ becomes more than price.

TVC curve is____________ in nature.

Expenditure incurred by the producer on the purchase of inputs from the market leads to ____________.   (explicit cost/implicit cost)

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

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

Other things being equal, with increase in the demand for a commodity, its equilibrium price ___________ (falls/rises)

An indifference map is a graph that represents _______indifference curve(s). (one/more than one)