Law of return applies to firms working in
A). Perfect competition
B). Monopoly
C). Small firm
D). All kinds of market situations
In which form, the largest percentage of national income is earned?
A). Interest income
B). Proprietor's income
C). Employee' wages
D). Rental income
Identify the economist who had little formal education and started working in the money market at an early age of fourteen.
A). David Ricardo
B). Adam Smith
C). V.F.D. Pareto
D). A.A. Cournot
Which statement is true
A). ATC + AVC = AFC
B). ATC + MC = AFC
C). ATC + AFC = AVC
D). AFC + AVC = ATC
Economies of scale are of two kinds
A). Temporary and permanent
B). Internal and external
C). Managerial and industrial
D). Natural and artificial