Author: Study Clue

A country’s GDP will increase if a firm produces more final goods inside the country, even when A All of

GDP counts the value of which type of goods to avoid double counting A Intermediate goods B Final goods only

When a foreign company produces goods inside India, its output is counted in India’s A GNP only B NNP only

GDP mainly measures the value of goods and services produced within a country during A A period B One day

A perfectly competitive firm is in long-run equilibrium only when it earns normal profit, which implies A P > min

If a perfectly competitive industry faces a rise in market demand, the immediate result is usually A Supply falls first

If a single firm’s output is tiny compared to total market supply, it mainly has A Full price control B

When buyers see all firms’ products as identical, that market is closest to A Monopoly market B Oligopoly market C

In perfect competition, firms are best described as A Price makers B Output setters C Price takers D Demand controllers

A firm’s fixed cost is ₹1,200. If it produces 100 units, its average fixed cost will be A ₹1,200 per