81 Variable cost increases continuously with the increase in
Production
82 The cost of raw materials is a good example of
Variable cost
83 In the short term, when the output of firm increases, what happens to its average fixed cost?
Decreases
84 A significant property of the Cobb Douglas production function is that the elasticity of substitution between inputs is equal to what?
Unity
85 The production techniques are technically efficient above which line?
Upper rigid line
86 The another name of iso-product curve is
Production Indifference curve
87 The another name of Short-run Average Cost (SAC) curve is
Plant curve
88 The shape of the Average Fixed Cost (AFC) curve is
Rectangular hyperbola
89 Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in what?
Price
90 The cost of one thing in terms of the alternative given up is called
Opportunity cost
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