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A firm in a position of equilibrium is supposed to be maximizing:

A. Output

B. Sales

C. Profits

D. None of the above

Correct Answer : C.


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  2. Who formulated the Post-Keynsian Theory of Distribution and Growth?
  3. Supply and demand changes have their most rapid impact in:
  4. Marginal Utility (MU) curve is always:
  5. The general form of Cobb-Douglas production function is:
  6. If as a result of a decrease in price, total outlay (expenditures) on a commodity increases, its price-elasticity…
  7. Which of the following statement is wrong?
  8. Price-taker firms:
  9. If the factors have to be employed in a fixed ratio, then the elasticity of substitution under Leontief…
  10. An indifference curve slopes down towards right since more of one commodity and less of another result…
  11. The short-run periods in monopolistic competition are:
  12. In monopolistic competition, because of difference in choices, the firm charges:
  13. Elasticity of demand is equal to unity while marginal revenue is:
  14. If the prices of goods rise then:
  15. Who is the founder of classical school of thought?
  16. When price increases and with it the total outlay on a commodity also increases, it is a case of:
  17. The supply curve would probably shift to the right if:
  18. The game theory takes into consideration:
  19. If the commodity is inferior then:
  20. The costs faced by the firm against variable factors are:
  21. The market demand for any commodity is the:
  22. When a consumer reached at the point of saturation then marginal utility (MU) is:
  23. The pay-off matrix shows:
  24. If two households have identical preferences but different incomes then:
  25. The long-run average cost is based on the fact that:
  26. Increasing returns imply:
  27. Which of the following formulae explain the term average revenue?
  28. Change in quantity demanded refers to:
  29. All of the following are capital resources except:
  30. If less is demanded at the same price or same quantity demanded at a lower price, it is a case of: