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Incremental cost is the same concept as ________ cost.
In short period there is no change in ________ factors.
A production function assumes a given
Set of input prices
Ratio of input prices
Amount of capital and labour
The law of diminishing returns applies to
The long run only
The short run only
Both the short and the long run
Neither the short nor the long run
In case, law of constant return is applicable.
Marginal product will be more than average product
Marginal product will be lesser than average product
Marginal and average product will be equal
Total marginal and average product will be equal
If marginal product is decreasing total product will increase at the _________ rate.
In the _________ change in all factors of production is possible.
The above formula is used to calculate
Marginal product crosses the horizontal axis (is equal to zero) at the point where
Average product is maximized
Total product is maximized
Diminishing returns set in
Output per worker reaches a maximum
Which of the following costs always decline as output increases?
Average fixed Cost
Average variable Cost
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Plus 2 Humanities
Kerala (English Medium)
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