Economics

✅ The correct answer is C.
The MC curve cuts the AVC and ATC curves at their respective minimas.

✅ The correct answer is C.
These are kinds of rent except mobility rent.

✅ The correct answer is A.
A vertical supply curve parallel to the price axis implies that the elasticity of supply is Zero.

✅ The correct answer is B.
If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then the demand curve for the commodity will be Vertical.

✅ The correct answer is B.
During a particular year, farmers experienced a dry weather. If all the other factors remain constant, farmers supply curve for wheat will shift Leftward.

✅ The correct answer is D.
The budget line is also known as the Consumption possibility line. The CPF, or consumption–possibility frontier, is the budget constraint where participants in international trade can consume.

✅ The correct answer is D.
In the short run if a perfectly competitive firm finds itself operating at a loss, it will continue to operate as long as it covers its variable cost.

✅ The correct answer is B.
The slope of indifference curve indicates Marginal rate of substitution. The marginal rate of substitution (MRS) is the amount of a good that a consumer is willing to give up for another good, as long as the new good is equally satisfying.

✅ The correct answer is C.
Negatively sloped demand is not a characteristic of a ‘price taker’. A price taker lacks enough market power. The objective of market to influence the prices of goods or services.

✅ The correct answer is B.
Profit is maximum when Slope of TC and TR is the same. To obtain the profit maximizing output quantity, we start by recognizing that profit is equal to total revenue (TR) minus total cost (TC).