1. What is Opportunity Cost? Explain with the help of an example why assumption of constant opportunity costs is very unrealistic.
2. Explain law of demand with the help of a demand schedule and demand curve. Does law of demand exist in the real world, explain with the help of an example.
3. How are Isoquants different from Isocost? Illustrate using graphs.
4. Monopoly has been stated as undesirable? Take any real life example of Monopoly in India and state its advantages and disadvantages.
5. Write short notes on the following:-

(a) Value Maximization

(b)Direct Costs and Indirect Costs

(c) Bundling