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

__________ refers to the situation in which market demand is more than market supply of a commodity at a given price.

In _________ , the central problems are solved by the central authority. (centrally planned economies/market economies)

An indifference curve is _______ to the point of origin. (convex/concave)

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

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)

Total utility_________ when marginal utility is decreasing but positive. (increases/decreases)

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

When one more unit of the commodity is produced, increase in cost is called ____________.  (marginal cost/average cost)

When marginal utility is ________, total utility starts diminishing.