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Q. In general, a steeper supply curve is more likely to be

Q. The firm’s short-run marginal-cost curve is increasing when:

Q. --------- goods violate the law of demand after prices have risen above a certain level

Q. An inferior good is one for which an increase in income causes a(n)

Q. If the short-run average variable costs of production for a firm are rising, then this indicates that:

Q. With fixed costs of Rs.400, a firm has average total costs of Rs.3 and average variable costs of Rs.2.50. Its output is:

Q. When the total product curve is falling, the:

Q. If you know that the marginal utility per rupees spent on product Alpha is less than the marginal utility per rupees spent on product Beta, consumers who spend all their income on these two products can:

Q. Suppose a firm sells its product at a price lower than the opportunity cost of the inputs used to produce it. Which is true?

Q. A plan of action that considers the reactions of rivals is an example of