According to Leontief technology, there:
Is only one technique of production
Are few techniques of production
Are many techniques of production
Are two techniques of production
Correct Answer :
A. Is only one technique of production
Related Questions
To calculate the elasticity of demand, which of the following formula is used?:
Percentage change in demand Original demand
Proportionate change in demand Proportionate change in price
Change in demand Change in price
None of the above
Isocost line shows the combinations of labor and capital where a firms budget is:
Fully spent
Half spent
Partially spent
Nearly spent
In short run, a firm can change its:
Total production
Fixed production
Variable production
None of the above
Regarding economic decisions, economics of uncertainty identifies:
No risks
Risks
Safety
None of the above
The demand curve in monopolistic competition (also in kinked demand curve model), which shows the share of a firm in market is called:
Relative demand curve
Proportional demand curve
Productive demand curve
Differential demand curve
A typical demand curve cannot be:
Convex to the origin
Concave to the origin
A straight line
Rising upwards to the right
In monopolistic competition, the firm compete on the basis of:
Price
Entry
Both a and b
None of the above
Demand is consumers:
Ability to get a commodity
Willingness to get a commodity
Willingness and ability to get a commodity
Desire for a commodity
Selling costs are incurred under monopolistic competition to:
Attract more customers
Prevent its customers from going to others
Establish superiority of its product on the others
All of the above
The kink demand curve faced by an oligopolist is based on the assumption that:
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 ordinal approach was presented by:
Marshal
J.R.Hicks
Adam smith
Rostow
The isoquant which are generated by CES (constant elasticity of substitution) production function are always:
Positively sloped
Negatively sloped
Concave to the origin
None of the above
An indifference curve normally slopes downward from:
Left to right
Right to left
Both of them
None of them
When in a market, the number of buyers is very large and the number of sellers is very small, it is known as:
Monopoly
Oligopoly
Imperfect competition
Perfect competition
The difference between average cost and average revenue is:
Total profit
Average profit
Net profit
Marginal profit
In monopolistic competition, the customers are attached with one product because of:
Product similarity
Product differentiations
Product inferiority
None of the above
The point on which the average cost is minimum in a firm, short run average cost curve will also be the minimum cost point on the firms long-run average cost curve. This is true:
Always
Never
When LAC is falling
Only at that level of output when LAC is at its minimum
Which of the following is called Gossens first law?
Law of production
The Law of Equi-Marginal Utility
The Law of Diminishing Marginal Utility
Law of Variable Proportions
Increase in demand occurs when:
The price falls and the demand also falls down
The price increases but demand falls down
The price increases the demand remains constant and when the price remains constant the demand goes up
The price remains constant but demand falls
If the demand curve is horizontal then its slope is:
Infinite
Zero
Equal to one
None of the above
In case of monopoly, the slope of MR is:
Always three times than the slope of AR
Always double than the slope of AR
Always equal to the slope of AR
None of the above
The games which played by players again and again are called:
Repeated games
Cooperative games
Non-cooperative games
Constant games
We can measure consumers surplus with the help of
TU curve
MU curve
Supply curve
None of the above
A vertical supply curve parallel to the price axis implies that the elasticity of supply is:
Zero
Infinite
Equal to one
Greater than zero but less than infinite
A monopolist is:
Price winner
Price searcher
Price taker
Price leaver
Which of the following curves is a rectangular hyperbola?
ATC
AVC
AFC
None of the above
The advantage of using indifference curves rather than marginal utilities is:
We do not need to attach util values to consumption
Consumers can attain higher utility
It takes into account how much income the household has
We can determine how much of one good the consumer is willing to sacrifice in order to consume one more unit of another
Money spent by a firm on the purchase of capital equipment is:
Fixed cost
Variable cost
Both fixed and variable costs
None of the above
The sufficient condition of firms equilibrium requires:
none of the above
Total Utility (TU) curve:
Always rises
Always falls
First falls and then rises
First rises and then falls