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A producer attains the least cost combination when the relation between Marginal Rate of Technical Substitution (MRTS) and price (P) of the factors x and y is:

A.

B.

C.

D.

Correct Answer : B.


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  1. The Law of Proportionality is another name of:
  2. Marginal cost is found with the help of changes in:
  3. Marginal Utility (MU) curve is always:
  4. When in a market, the number of buyers is very large and the number of sellers is very small, it is…
  5. If as a result of a decrease in price, total outlay (expenditures) on a commodity increases, its price-elasticity…
  6. The isoquant approach is based upon:
  7. On an indifference map higher indifference curves show:
  8. The demand curve of a firm in monopolistic competition is:
  9. An indifference curve normally slopes downward from:
  10. The output where TC = TR & AC = AR:
  11. In case of monopoly, both AR and MR fall, but MR falls:
  12. When the slope of a demand curve is infinite (also known as horizontal demand curve) then elasticity…
  13. In dominant strategies I am doing the best, I can no matter:
  14. When elasticity of demand is one (e=1), then following the formula MR=P[1-1/e], the MR will:
  15. Economics is a:
  16. The isoquant which are generated by CES (constant elasticity of substitution) production function are…
  17. Which of the following is assumed to be constant when drawing a demand curve?
  18. According to Chamberline, in monopolistic competition, differentiation is determined by:
  19. Who finalized the model of imperfect competition?
  20. A monopolist has control over the price he charges for his product. He will be able to maximize his…
  21. If X and Y are close substitutes, a fall in price of X will lead to:
  22. If the price of a product falls which of the following would occur?
  23. The point on which the average cost is minimum in a firm, short run average cost curve will also be…
  24. In Bertrand model, the entry of new firms is:
  25. Under price discrimination, the buyers must:
  26. A shift in the demand for a product is likely to result from a change in:
  27. The reaction curve of a firm is attained by joining the:
  28. The behavior of MC curve is determined by the behavior of the:
  29. For the equilibrium of the firm and the industry in the short period in a competitive market, the condition…
  30. MC is given by: