The kinked demand curve theory is an economic theory regarding oligopoly and monopolistic competition. Kinked demand was an initial attempt to explain sticky prices.

Correct Option: B

The kinked demand curve theory is an economic theory regarding oligopoly and monopolistic competition. Kinked demand was an initial attempt to explain sticky prices.

Average fixed cost curve is never ‘U’ shaped. Since total fixed costs are unchanged as output rises, the average fixed cost curve falls continuously as output is increased.

Correct Option: C

Average fixed cost curve is never ‘U’ shaped. Since total fixed costs are unchanged as output rises, the average fixed cost curve falls continuously as output is increased.

If a person’s wage rises by ten per cent and prices rise by more than ten per cent, his real wage goes down.

Correct Option: D

If a person’s wage rises by ten per cent and prices rise by more than ten per cent, his real wage goes down.

Consumer surplus is the difference between the price consumers would be prepared to pay and the actual market price.

Correct Option: D

Consumer surplus is the difference between the price consumers would be prepared to pay and the actual market price.

The production of two or more goods simultaneously from the same imputs is called Joint Supply. Wool and Mutton are an example for joint supply.

Correct Option: D

The production of two or more goods simultaneously from the same imputs is called Joint Supply. Wool and Mutton are an example for joint supply.