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According to Marshal, the Law of Diminishing Returns is applicable to:

A. Industry

B. All fields of production

C. Agriculture

D. None of the above

Correct Answer : C.


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  2. The firm in cournot model:
  3. Who introduced the concept of Elasticity of Demand into economic theory?
  4. Under monopoly and imperfect competition MC is:
  5. In the case of an inferior commodity, the income-elasticity of demand is:
  6. Any expansion in output by a firm in the short period will always reduce the:
  7. The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:
  8. Demand is consumers:
  9. When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?
  10. The MC curve cuts the AVC and ATC curves:
  11. If Marginal Utility (MU) is zero, then total utility is:
  12. In joint-profit maximization cartel, central agency sets the:
  13. Elasticity (E) expressed by the term, 1>E>0, is:
  14. Under perfect competition, at equilibrium, marginal cost is:
  15. In case of monopoly, the price charged against the additional unit is:
  16. When AC curve falls, MC curve falls:
  17. In the case of a giffen good, the income effect:
  18. In monopolistic competition, the firms follow:
  19. Economics define technology as:
  20. The low cost price leader will charge:
  21. The fundamental choices that a society must make about the use of its resources include:
  22. The indifference curve technique:
  23. Cross-elasticity of demand or cross-price elasticity between two perfect substitutes will be:
  24. In the immediate run:
  25. The Modern and Neo-Keynsian Theory of Interestwas presented by:
  26. A budget line shows:
  27. The name of the system of direct exchange is:
  28. The longer the period of time, the elasticity of supply will be:
  29. If the production function is homogeneous, the expansion path will be a straight line through the origin…
  30. According to classical approach, utility can be: