What is market Demand?

What is opportunity cost? Explain with the help of a numerical example.

What is the behaviour of average revenue in a market in which a firm can sell more only by lowering the price?

What is a price taker firm?

Explain the implication of large number of buyers in a perfectly competitive market.

Draw Average Variable Cost, Average Total Cost ad Marginal Cost curves in a single diagram.

An individual is both the owner and the manager of a shop taken on rent. Identify implicit cost and explicit cost from this information. Explain.

What is the behaviour of average fixed cost as output increases?

Give meaning of an Economy.

Given price of a goods, how does a consumer decide as to how much of the good to buy?