AP curves
MP curves
Both of them
None of them
Horizontal demand curve
Vertical demand curve
Similar demand curve
Differential demand curve
Proportionate change in demand Proportionate change in price
Proportional change in the purchase of Y Proportional change in the price of X
Proportionate change in demand Proportionate change in income
Proportionate change in demand Proportionate change in price
Pure competition
Pure monopoly
Oligopoly
Monopolistic competition
Decrease in the future
Increase in the future
Remain constant
None of the above
Negative sign is ignored
Positive sign is ignored
None of them
Both of them
monopolistic firms
monopoly
competitive firms
none of the above
fixation of price
Arc elasticity of demand
Cross elasticity of demand
Wage theory
Restricted entry and exit of the firms
Semi free exit but absolute free entry
Free entry but restricted exit of the firms
Free entry and free exit of the firms
Labour
Capital
Both of them
None of them
Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)
Sets of points relating production function that produces less output than possible for a given set of input (labor) i.e. Q < f(L, K)
Use of imported technology
None of the above
Shifts rightward
Shifts leftward
Does not shift
None of the above
N.Kaldor
Alfred Marshal
J.M.Keynes
J.S.Duesenberry
Excess demand
Qd > Qs
Shortage of supply
All of the above
Equal to zero
Equal to one
Equal to infinity
More than one
Higher prices
Increased prices
Increased consumption
Shortage of products
Production cost
Physical cost
Real cost
Opportunity cost
Technological progress that causes to raise the marginal product of capital and labor in the same proportion
Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor
Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital
None of the above
The budget line to get steeper
The budget line to shift parallel to the right
The indifference curve to shift up
The budget line to get flatter
Only two commodities
Only three commodities
More than three commodities
Any number of commodities
The effect of a change in price of X on its demand
The effect of a change in price of X on the demand for Y
The effect of a change in price of Y on its demand
None of the above
Productive resources such as labor and capital equipment that firms use to manufacture goods and services are called inputs or factors of production
Unproductive resources that do not take part in production process are called inputs or factors of production
Firms own resources are called inputs or factors of production
None of the above
Economic complements
Economic substitutes
Economic inferiors
None of the above
higher prices
zero prices
lower prices
specific prices
Competitors will follow a price increase but not a price cut
Competitors will follow a price increase as well as a price cut
Competitors will ignore both a price increase and a price cut
Competitors will ignore a price increase but will follow a price cut
The real income of consumer falls
The real income of consumer rises
The real income of a consumer remains constant
The real income of consumer becomes zero
Abnormal profit
Zero profit
Normal profit
Negative profit
Increase in demand for Y
Decrease in demand for Y
Increase in demand for both X and Y
Increase in demand for Y
One output
One input
Two outputs
Two inputs