Many goods have no effective substitutes
Nearly all goods have substitutes
The prices of substitute goods must be the same
Buyers will stop buying a good if its price rises
B. Nearly all goods have substitutes
Highly elastic
Perfectly inelastic
Perfectly elastic
Zero elastic
When there is a single producer
When there is a single producer without any close substitute
When there is a single producer with close substitutes
When a few producers control the industry
Is only a choice among the technologically efficient combination
Depends on the relative price of inputs
Depends on the price of the product
Depends on the profits made
Increasing returns to scale
Decreasing returns to scale
Constant returns to scale
Variable returns to scale
AC curve
SC curve
TC curve
None of the above
R-C
R>C
R=C
Price demanded and price paid
Price quoted and price actually paid
Price that a consumer is willing to pay and the price actually paid
None of the above
Utility demand function
Compensated demand function
Collective demand function
Relative demand function
Infinite
Zero
Equal to one
None of the above
One
Zero
Two
Five
The price of their product
Product quality
The shape of the market demand curve
The elasticity of product substitution
Attract more customers
Prevent its customers from going to others
Establish superiority of its product on the others
All of the above
Law of production
The Law of Equi-Marginal Utility
The Law of Diminishing Marginal Utility
Law of Variable Proportions
Price elastic
Price inelastic
Income elastic
Income inelastic
Economies and diseconomies of production
Indivisibility of factors
Fixity of supply of land
Variable factor productivity
One output
One input
Two outputs
Two inputs
Bertrand model
Chamberlin model
Kinked demand model (Sweezy Model)
All of the above
Rising cost
Falling cost
Rising input
Falling input
Imperfect substitutes
Perfect substitutes
Complements
None of the above
Alfred Marshal
J.M.Keynes
Paul A.Samuelson
A.C.Pigou
The law of comparative advantage
The law of diminishing returns
The principle of substitution
Economics of large scale production
Uniform
Different
Dependent
Independent
Monopoly
Monopolistic competition
Perfect competition
Oligopoly
The price of only Y is varied
The price of only X is varied
The prices of both Y and X are varied
None of the above
TR equals TC
The TR curve and the TC curve intersect such that TR and TC lie at the same point
The TR curve and the TC curve are parallel and TC exceeds TR
The TR curve and the TC curve are parallel and TR exceeds TC
Average fixed cost increases sharply
More production yields lower per unit price
The law of variable proportions applies to short run production
Sales expenses become much larger
Increase in demand for Y
Decrease in demand for Y
Increase in demand for both X and Y
Increase in demand for Y
Deviates from his strategy
Does not deviate from his strategy
Does not think in a good way
None of the above
What to produce
How to produce
How to maximize private profit
For whom to produce
The price of substitute does not change
The taste of the consumer does not change
The income of the consumer does not change
All of the above