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7.In an economy based on the price system the decision on what shall be produced is made by:

A. Government

B. Consumer

C. Producer

D. Stock holder

Correct Answer : B.


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  2. If at the unchanged price, the demand for a commodity goes up, or the quantity demanded remains the…
  3. The consumer is in equilibrium at the where:
  4. The word ECONOMICS is derived from the Greek terms meanings:
  5. The firms in non-cooperative games:
  6. Marshallian approach is also known as:
  7. Whish of the following represents the average revenue curve of a firm?
  8. In a perfectly competitive market, suppliers must know:
  9. The monopolist who is producing the same output from two (or more than two) plants is concerned with:
  10. Competitors in monopolistic competition have full control over:
  11. The equilibrium conditions, MC = MR = AR = AC, will happen:
  12. To calculate the Economic Profit we must deduct which of the following cost from our total revenues?
  13. If in the long run, output increases in the same proportion as increase in all the input in the given…
  14. The advantage of using indifference curves rather than marginal utilities is:
  15. In case of complementary factors, the isoquants are:
  16. In monopoly, when average revenue curve falls:
  17. For the equilibrium of the firm and the industry in the short period in a competitive market, the condition…
  18. In joint-profit maximization cartel, the distribution of profit is:
  19. In respect of which of the following category of goods is consumers surplus highest?
  20. The kink demand curve faced by an oligopolist is based on the assumption that:
  21. The kinked demand curve comes into being where:
  22. The Lambda or Langrange Multiplier is a:
  23. We can find total utility by:
  24. In which case the elasticity shown by the different points of a curve is the same?
  25. The main contribution of Adam Smith is in the field of:
  26. In case of monopoly, the slope of MR is:
  27. By scarcity the economist means that all goods are scarce relative the peoples:
  28. Which of the following is an implicit cost of production?
  29. The indirect utility function is a homogeneous function of:
  30. If a straight line supply curve makes an intercept on the X-axis, the elasticity of supply is: