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According to Smith, by value we mean the value with respect to use, and the price we mean the value with respect to:

A. Production

B. Consumption

C. Exchange

D. Formation

Please do not use chat terms. Example: avoid using "grt" instead of "great".

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  1. In measuring price-elasticity:
  2. If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity…
  3. If the commodities X and Y are perfect substitutes then:
  4. The addition or increment to the total cost involvesd in expanding or contracting output by one unit…
  5. When total product increases at a decreasing rate:
  6. If in the long run, output increases in the same proportion as increase in all the input in the given…
  7. The indifference curve technique:
  8. The market demand shedule is determined by:
  9. In dominant price leadership model, the small firms are like:
  10. The expansion point is attained by joining:
  11. If the factors have to be employed in a fixed ratio, then the elasticity of substitution under Leontief…
  12. General Equilibrium deals with the equilibrium of the:
  13. The relationship between MC and MP shown by the marginal cost concept is:
  14. If a straight line supply curve makes an intercept on the Y-axis, elasticity of supply is:
  15. To get more revenue, a Finance Minister impose tax on that commodity which has:
  16. The basic and essential economic problems in a community are related to choice and:
  17. In case of straight-line isoquant, the factors are not substituted because they are each others:
  18. In perfect competition, the slope of the total revenue curve of a firm is equal to the:
  19. Normal profits are considered as:
  20. Who is the author of Problems of Capital Formation in Underdeveloped Countries?
  21. Price discrimination is undertaken with the aim of:
  22. The total utility (TU) curve is:
  23. Variable costs refer to:
  24. A decrease in demand lowers the price the most:
  25. Under price discrimination, the buyers must:
  26. Which of the following pairs of commodities is an example of substitutes?
  27. Each short run average cost curve:
  28. Elasticity (E) expressed by the term, 1>E>0, is:
  29. When the slope of a demand curve is zero (also known as vertical demand curve) then elasticity will…
  30. Law of Diminishing Marginal Utility is practically untrue because: