Question

Fill in the Blanks :

1. The __________relationship between price and quantity is reflected in the negative slope of the demand curve
a) inverse
b) direct
c) straight
d) None of the above

2. When PCC is horizontal, the relevant demand curve is _________
a) Negatively sloped
b) Positively sloped
c) Rectangular Hyperbola
d) None of the above

3. A firm's ATC is Rs.60, its AVC is Rs.45, then AFC is _______
a) 15
b) 20
c) 105
d) 0

4. Along a declining straight line demand curve, the elasticity of demand at the mid point of the demand line is _________
a) One
b) Greater than one
c) Less than one
d) Zero

5. In modern theory average variable cost is
a) U shaped
b) Saucer Shaped
c) L shaped
d) None of the above

Please solve the qn
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Answer 1

Answer:

1)straight

2)none of theabove

3)105

4)one

5)U Shaped