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According to Diamond Water Paradox diamonds are more expensive than water because:

A. They yield higher total utility

B. They yield higher marginal utility

C. They are more useful

D. None of the above

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  1. The competitive equilibrium leads to:
  2. Income-demand curve shows:
  3. Short run cost curves are influenced by:
  4. Supply of commodity is a:
  5. The long run average cost curve is:
  6. Now-a-days in real life, we are unable to fined:
  7. If there are many firms producing similar but differentiated products, the competition is generally…
  8. Economic laws are:
  9. When with a change in price the total outlay (expenditures) on a commodity remains constant, it is a…
  10. Capital Saving Technological Progress can be defined as:
  11. Which of the following is not an explicit cost of production?
  12. Most of the supply curves with which the average consumer deals are:
  13. Price discrimination occurs when:
  14. According to Cobb-Douglas, in production function the marginal product of labor is:
  15. Rational economic behavior on the part of the consumer means that he will:
  16. Which one of the following has been the most influential work of F.H.Knight?
  17. Suppose income increases by 10% and demand for commodity increases by 5% then the income elasticity…
  18. The ordinary demand curve is also called:
  19. If production increases under increasing returns to scale, the cost will:
  20. The right of individuals to control productive resources is known as:
  21. Supply and demand changes have their most rapid impact in:
  22. In discriminating monopoly (price discrimination), the elasticity of demand of product in two markets…
  23. Price is measured in:
  24. The demand for cigarettes is price inelastic implying a unit tax on this commodity will
  25. Technological efficiency:
  26. An individual consumers demand is not determined by:
  27. If a new production technology for producing compact discs is developed and new firms are attracted…
  28. When the slope of a demand curve is zero (also known as vertical demand curve) then elasticity will…
  29. Which of the following curves is a rectangular hyperbola?
  30. A profit-maximizing monopolist in two separate markets will: