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Identify the correctly matched statements from Column I to that of Column II:
  • a)
    A–1
  • b)
    B–2
  • c)
    C–3
  • d)
    D–4
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Identify the correctly matched statements from Column I to that of Co...
A. Total revenue: Total revenue is the full amount of total sales of goods and services. It is calculated by multiplying the total amount of goods and services sold by the price of the goods and services.
B. MC > ATC: The relationship between the ATC and MC. Whenever MC is less than ATC, ATC is falling. Whenever MC is greater than ATC, ATC is rising. When ATC reaches its minimum point, MC = ATC.
C. MP is negative: MP is that rate. At the point where TP is at its maximum, MP = 0, the point at which it crosses the x- axis. After this point, MP is actually negative, meaning that TP is falling.
D. Production Function: Production function, in economics, equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained.
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Identify the correctly matched statements from Column I to that of Column II:a)A–1b)B–2c)C–3d)D–4Correct answer is option 'A'. Can you explain this answer?
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