Business Economics is __________ in its approach as it tackles practical problems which the firm faces in the real world.

The difference between positive and normative Economics is:

Normative aspect of Economics is given by:

If we plot the market demand sched-ule on a graph, we get ________.

The lateral summation of indi¬vidual demand Curves is regarded as ________.

According to ________, the consumer has diminishing utility for each additional unit of a commodity and therefore, he will be willing to pay only less for each additional unit.

A Consumer maximizes his satisfaction when the Marginal utility of the commodity is ________ its price.

The operations of diminishing marginal utility and the act of the Consumer to equalize the utility of the commodity with its price result in a ________ demand curve.

What will be the total product when two labourers are hired according to the table given below?

Consider the following table:

________ is the total output resulting from the efforts of all the factors of production combined together at any time

Average product is defined as ________

Suppose the first four units of a variable input generate corresponding total outputs of 200, 350, 450, 500. The marginal product of the third unit of input is:

From the following table, what will be equilibrium market price?

The equilibrium is restored automatically through:

__________ is the price at which demand for a commodity is equal to its supply:

When increase in demand is equal to increase in supply and equilibrium price remains constant, then what about equilibrium quantity?

With a given supply curve, a decrease in demand causes __________.

A significant decline in general economic activity extending over a period of time is _________.

When aggregate economic activity is declining, the economy is said to be in _________