Under perfect competition (when input prices are external and there are no external economies or diseconomies), the industry supply curse is derived by
"The LAC curve is tangent to the SAC (short run average cost) curve
Rectangular hyperbola is the shape of
"The LAC curve is tangent to the SAC (short run average cost) curve
The price of the commodity is under constant consideration while drawing
Which of the following statements is not true about positive and normative science?
A change in the supply of a commodity alongwith same supply curve may occur due to
Which of the following is an important message that a production possibility curve conveys to an economy ?