A system of economy in which all the means of production are owned and controlled by the private individuals for the purpose of profit, is called:

Capitalistic Economy user __________ as principal means of allocating resources:

Which of the following is not demerit of Capitalism?

Freedom of choice is the advantage of __________.

Under a free economy, prices are:

Opportunity cost is the ________ value that is foregone in choosing one activity over the alternative.

Opportunity Cost is the cost of the ________ opportunity and involves a comparison between the policy that was ________ and the policy that was ________.

Direct Cost is also known as :

________ costs are the costs that are readily identified and are traceable to a particular product, operations or plant.

________ may vary according to the changes accruing to the product process or machine.

Which is not the characteristic feature of expansion phase inbusiness cycle?

Business Cycles are exceedingly Complex phenomena because.

The firm will attain equilibrium at a point where MC curve cuts from below __________.

Which is the first order condition for the firm to maximize the profit __________.

Average revenue curve is also known as:

Condition for equilibrium of firm:

Demand curve is horizontal in the case of __________.

In the short run, a firm operates with a __________ amount of capital and must choose the level of its __________ so as to __________ profit.

At the equilibrium position of a firm Under perfect Competition, __________.

A purely competitive firm’s supply schedule in the short run is determined by __________.