Solve the Mcqs no Explanation please:

input costs that require an outlay of money by the firm are called -----------

Implicit costs

Explicit costs

Opportunity costs

a&c both

--------------- Indifference curve gives greater level of utilities

Higher

Lower

All

None of the above

Law of Diminishing Marginal Utility states that marginal utility from consuming each additional unit of a commodity -------- as its consumption increases, while keeping consumption of other commodities constant

Increases

Declines

Does not change

None of the above

Necessities have ----------- demand

Elastic

Elasticity greater than 1

Inelastic

a&b both

Narrowly defined markets tend to have ------ elastic demand than broadly defined markets because it is easier to find close substitutes for narrowly defined goods.

Less

More

Zero

None of the above