Which of the following is Correct?

Marginal, average and total product of a firm in the short run will not comprise with ________.

When average product rises as a result of an increase in the quantity of variable factor, marginal product is:

The marginal product curve is above the average product curve when the average product is:

Identify the correct statement:

Which of the following is a normative economic statement?

Ram: My corn harvest this year is poor.
Krishan: Don’t worry. Price increases will compensate for the fall in quantity supplied.
Vinod: Climate affects crop yields. Some years are bad, others are good.
Madhu: The Government ought to guarantee that our income will not fall.

In this conversation, the normative statement is made by

Positive science only explains __________

Which one of the following may be Considered as a rationale of the law of demand?

In which of the following cases, the law of demand holds true?

Higher the price of diamonds, higher is the prestige value attached to them and hence higher is the demand for them. These goods are called as ________.

Which one of the following is an exception to the law of demand?

For what type of goods does de-mand fall with a rise in income levels of households?

Which of the following may lead to changes in demand and Supply?

Changes in Demand & Supply may be due to __________.

If price is forced to stay below equilibrium price then consequently it can be said that:

If the price of a commodity is fixed, then with every increase in its sold quantity the total revenue will __________ and the marginal revenue will __________.

If supply increases in a greater proportion than demand __________.

During recession, the unemployment rate and output

_________ phase of business cycle marks the end of pessimism and the beginning of optimism.