The rate at which the consumer can substitute one commodity for the other, without changing the level of satisfaction, is known as _______. (marginal rate of substitution/marginal utility)

The rate at which the consumer can substitute one commodity for t…

If the market supply of a commodity X changes due to improvement in technology, the market supply curve will ________. (Fill up the blank)

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As output increases, AC and AVC tends to be closer but the difference between AC and AVC can never be ________.

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

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___________ refers to the maximum price of a commodity lower than equilibrium price at which the seller can legally sell their product.

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During the _______________ period, production cannot be changed at all.(market/short)

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At break-even point, ____________ (ARAC/AR < AC)

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Study of economy as a whole is called _________ economics. (macro/micro)

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The problem of allocation of resources has three aspects _______, _______ and _______.

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

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When average cost curve is falling, marginal cost curve is ____________ average cost curve. (below/above)

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