CBSE economics
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Give two examples of fixed costs.
1) Cost of land and building.
2) Cost of machinery.
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Define marginal cost.
Marginal cost is the change in the total cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good.
When is the demand for a good said to be inelastic?
Inelastic demand is a situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price.
Given the meaning of market demand.
The market demand for a good at a particular price is the total demand of all consumers taken together.
Under which market form a firm’s marginal revenue is always equal to price?
Under Perfect Competition, marginal revenue is always equal to price.
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Mock Test Series
Mock Test Series