91 According to modern thinking the Law of Diminishing Return can be applied to

All field of production

92 The concept of Marginal Cost is related with which cost?

Variable Cost

93 When a monopolist is able to maximize his profit?

When his marginal revenue is equal to marginal cost

94 The shape of demand curve faced by a firm under perfect competition

Horizontal

95 The first order condition for the profit maximization of a firm is

MC = MR

96 The degree of control over the price of its product by a firm is very large in case of

Monopoly

97 The other name of Average Revenue Curve is

Profit curve

98 Under Perfect competition a firm have no control over the

Price of its product

99 What is the condition of equilibrium for a monopolist?

MR = MC

100 The market structure characterized by interdependence in decision making between the different competing firms is called

Oligopoly