When a firm's average revenue is equal to its average cost, it gets super profit Normal profit Sub normal profit None of the above The circular flow of goods and incomes shows the relationship between: Income and money Wages and salaries Goods and services Firms and household Given the price, if the cost of production increases because of higher price raw of materials, the supply Decreases Increases Remains same Any of the above The cost recorded in the books of accounts are considered as Total cost Marginal cost Average cost Explicit cost Under which condition the price is determined by the interaction of total den and total supply in the market. Perfect competition Monopoly Imperfect competition All of the above Demand of a water is always inelastic because it is: Necessity product Inferior product Free product Public product Goods produced on small scale have