Choose the correct statement with respect to long run production function-

(A) There is no fixed factor of production.

(B) All inputs can be varied.

(C) Average and Marginal cost curves are U shaped.

(D) Decreasing Returns to Scale is not applicable.

Choose the correct answer from the options given below:

Average Fixed Cost (AFC) is indicated by?

In the short run, the shape of marginal cost, average variable cost and short run average cost curves are:

As long as decreasing returns to scale operates, as the firm increases output, the average cost must be ................

Which of the following are correct about the short run cost concepts?

(A) Both the average cost and average variable cost curves are U-shaped.

(B) Average cost and average variable cost curves are parallel to each other.

(C) Marginal cost is equal to both average cost and average variable costs at their respective minimum levels.

(D) Average cost and average variable cost can never be equal to each other.

Choose the correct answer from the options given below:

Which of the following statements are correctly explaining the relationship between the marginal revenue (MR) and price elasticity of demand?

(A). Price elasticity is less than 1 when MR is negative.

(B). Price elasticity is more than 1 when MR is negative.

(C). Price elasticity is more than 1 when MR is positive.

(D). Price elasticity is less than 1 when MR is positive.

Choose the correct answer from the options given below:

1. (A) and (D) only
2. (A) and (B) only
3. (B) and (D) only
4. (A) and (C) only

Match List-I with List-II

Choose the correct answer from the options given below: