National income of a country is also known as :

‘Personal disposable’ ‘income’ refers to :

‘Excess Capacity’ is the essential characteristic of the firm in the market form of :

The difference between the price a consumer is willing to pay and the price he actually pays is called –

If the price of Pepsi decreases relative to the price of Coke and Thumbs-Up, the demand for:

In a perfect competitive market

The conditions of long-period equilibrium for the firm operative under perfect competition are:
(1) MC = MR
(2) AR = MR
(3) AC = AR
(4) AC = MC

If as a result of change in price, the quantity supplied of the good remains unchanged, we say elasticity of supply is:

At shut down point :

The LAC curve