1.

Give meaning of an Economy.

What is market Demand?

What is the behaviour of average fixed cost as output increases?

What is the behaviour of average revenue in a market in which a firm can sell more only by lowering the price?

What is a price taker firm?

What is opportunity cost? Explain with the help of a numerical example.

Given price of a goods, how does a consumer decide as to how much of the good to buy?

Draw Average Variable Cost, Average Total Cost ad Marginal Cost curves in a single diagram.

An individual is both the owner and the manager of a shop taken on rent. Identify implicit cost and explicit cost from this information. Explain.

Explain the implication of large number of buyers in a perfectly competitive market.