MICROECONOMICS CH : 9 CONCEPT OF REVENUE — Economics STD 11 Commerce — Question

________ shows the functional relation between physical inputs and physical output of a good.

MRT stands for ________.

In case of perfect competition ______________ goods are produced.(homogeneous/differentiated)

When marginal utility is ________, total utility starts diminishing.

Because of law of diminishing marginal utility, demand curve slopes _________________ . (upward/downward)

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)

_________ utilisation of resources implies that the actual level of output is less than the potential (Inefficient/Fuller) level of output.

Price elasticity of demand at the mid-point of a straight line downward sloping demand curve is ___________       (unitary/more than unitary)

If price of petrol goes up, demand for cars will _________________. (contract/fall)

Pepsi and coke are an example of _________________ goods. (complementary/substitute)