The Long run Average Cost curve (LAC) in modern cost theory is roughly
A) u shaped
B) saucer shaped
C) l shaped
D) rectangular hyperbola
Correct Answer:
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Q2: Cardinal utility analysis to consumer equilibrium was
Q3: MC at any level of output is
Q4: If a firm's average cost is Rs.32
Q5: The cost that cannot be recovered once
Q6: The saucer-type of modern Short run Average
Q8: Under increasing returns to scale, which of
Q9: Which of the following has a U
Q10: AFC curve will always be
A)rectangular hyperbola
B)u shaped
C)horizontal
D)downward
Q11: Implicit cost of a factor of production
Q12: Economic cost include both
A)explicit cost and implicit
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