Technical progress that leads to a reduction in costs results in
An increase in equilibrium price and quantity
A decrease in equilibrium price and quantity
An increase in equilibrium price and decrease in equilibrium quantity
A decrease in equilibrium price and increase in equilibrium quantity
Correct answer is D
No explanation has been provided for this answer.
Total utility must fall
Marginal utility must fall
Marginal utility may rise even though his total utility is falling
Marginal utility may fall even though his total utility may be rising
Correct answer is B
No explanation has been provided for this answer.
A situation in which all inputs are doubled and output also doubles is known as
Constant proportions
Constant returns
Increasing returns to scale
Constant returns to scale
Correct answer is D
No explanation has been provided for this answer.
At the point of profit maximization by a firm, marginal cost is
Minimum
Falling
Constant
Rising
Correct answer is D
No explanation has been provided for this answer.
Economics of scale operate only when
Marginal cost is falling with input
Average cost is falling with output
Fixed cost is variable
Variable cost is less than fixed cost
Correct answer is B
No explanation has been provided for this answer.