When supply of a commodity increases without change in price, it is called
A). Fall in supply
B). Expansion in supply
C). Contraction in supply
D). Rise in supply
Under perfect competition
A). AC=AVC
B). AR=AC
C). AR=MC
D). AR=MR
Economic rent can accrue to
A). Land only
B). Capital only
C). Specialized technical personnel only
D). Any of the factors of production
The supply of a commodity refers to
A). Actual production of the commodity
B). Total existing stock of the commodity
C). Stock available for sale
D). Amount of the commodity offered for sale at a particular price per unit of time
During a particular year, farmers experienced a dry weather. If all the other factors remain constant, farmers supply curve for wheat will shift
A). Rightward
B). Leftward
C). Upward
D). None of the above