Law of diminishing marginal rate of substitution is associated with
The substitution effect works to encourage a consumer to purchase more of a product when the price of that good is falling because
If the monopoly profits were to add to costs so that costs equalled revenue, even if the average cost curve exclusive of profits was raising the average cost curve obtained from the first operation is
Shut down point for a firm is a situation where its
Pareto optimality condition will hold if
Opportunity cost refers to
If MRS between two goods X and Y is equal for all consumers, then this is the marginal condition for a Pareto optimal
A factor of production is said to be superior if its expenditure elasticity
MU curve will be below x-axis when
Monopolistic competition has features of
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