As output increases
A). MC curve initially falls and then rises
B). MC initially rises and then falls
C). MC continuously rises
D). None of the above
Normal profit is
A). Part of total cost
B). Part of economic profit
C). Total revenue minus total cost
D). Total revenue minus implicit cost
The human effort applied to the production of goods is called in economics
A). Labour
B). Skill
C). Experience
D). Service
Unemployment of labour means that
A). A worker does not get full time job
B). A worker is not happy with his present job
C). A person does not get job according to his qualification
D). a' and 'c' both
The shape of rectangular hyperbola is made by
A). MC
B). AFC
C). AVC
D). None of the above