The substitution effect works to encourage a consumer to purchase more of a product when the price of that good is falling because

Pareto optimality condition will hold if

A factor of production is said to be superior if its expenditure elasticity

Law of diminishing marginal rate of substitution is associated with

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

If MRS between two goods X and Y is equal for all consumers, then this is the marginal condition for a Pareto optimal

MU curve will be below x-axis when

Shut down point for a firm is a situation where its

Monopolistic competition has features of

Opportunity cost refers to