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According to current thinking, the law of diminishing returns applies to:

A. All fields of production

B. Agriculture

C. Mining

D. Manufacturing

Correct Answer : A.


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  1. Change in demand (rise and fall of demand) is:
  2. Cardinal approach includes arranging:
  3. The games which played by players again and again are called:
  4. A budget line shows:
  5. Robbins definition of economics was criticised by:
  6. The budget constraint can be written as:
  7. In monopolistic competition, if a firm lowers its price, the rival firms will:
  8. Inputs or Factors of production are defined as:
  9. In cournot model, each firm makes decision regarding:
  10. Entry of new firms into a competitive market will shift the supply curve of the:
  11. If a good is an inferior good then an increase in incomes of the consumers will:
  12. If the price of coffee increases, you would predict that:
  13. If by doubling all inputs in the long run output is less than double, it is a case of:
  14. A firm enjoys maximum control over the price of its product under:
  15. Which cost increases continuously with the increase in production?
  16. Substitution effect means a consumer
  17. Revealed Preference Theory was presented by:
  18. A monopolist is able to maximize his profit when:
  19. In the case of a giffen good, the income effect:
  20. According to M.Kalecki, the true measure of the degree of monopoly power is the:
  21. The relationship between MC and MP shown by the marginal cost concept is:
  22. Which of the following statement is wrong?
  23. If the commodity is inferior then the increase in income of the consumer results in:
  24. The relationship between AC and MC curves depend upon the behavior of:
  25. A good tends to have relatively inelastic demand, if:
  26. The Latin term citeris paribus means:
  27. Law of Variable Proportions is regarding in:
  28. If a firm produces zero output in the short period then which statement is true?
  29. Perfect competition implies:
  30. The optimum level of output in long run takes place where: