Economics Assignment Questions Instruction: Provide an explanation of each of the following question Questions: 1. Define Producer’s Equilibrium? 2. What do you mean by Opportunity Cost? 3. Why Short Run Average Cost Curve is U-Curve shaped? 4. Examine the relationship between AC and MC? 5. Write a short note on Iso-quant and Iso-cost? 6. Discuss briefly the concept of Total, Average and Marginal Revenue? 7. What do you mean by Monopoly? 8. Explain Pure and Perfect Competition? 9. Highly characteristic feature of Monopolistic Competition?