1422. Match the following.
| List-I | List-II |
| a. Economic profit | 1. Total revenue explicit cost |
| b. Accounting profit | 2. Buyers and sellers exchanging |
| c. Collusion/Cartel | 3. Total revenue - Total cost |
| d. Market | 4. Oligopoly |
1425. If lowering of fares reduces railway's revenues and increasing of fares increases, then the demand for rail travel has a price elasticity of
1427. Which of the following statements are true according to Prof. Schumpeter about a monopolist?
1. Monopolies are inefficient.
2. Monopoly profits acts as an incentive for innovation.
3. AR is equal to MR.
Select the correct answer
1. Monopolies are inefficient.
2. Monopoly profits acts as an incentive for innovation.
3. AR is equal to MR.
Select the correct answer
1428. If all inputs are increased in the same proportion, than it is the case of
1. short-run production function
2. long-run production function
3. laws of variable proportion
4. laws of returns to scale
Select the correct answer
1. short-run production function
2. long-run production function
3. laws of variable proportion
4. laws of returns to scale
Select the correct answer
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