Home

According to the principle of substitution?

A. Many goods have no effective substitutes

B. Nearly all goods have substitutes

C. The prices of substitute goods must be the same

D. Buyers will stop buying a good if its price rises

Correct Answer : B.


Download Objective type questions of Basics of Economics PDF

Visit our PDF store

Get all objective type questions of Basics of Economics MCQ

Also checkout these categories

Surds and Indices MCQ Rearrangement Set 7 MCQ Microsoft Excel MCQ Articles MCQ C++ Programming MCQ Line Graph MCQ Human reproductive system MCQ Operating System MCQ Property of Material MCQ Skin Anatomy and Physiology MCQ Profit and Loss MCQ Refrigeration & Air-Conditioning MCQ

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

Submit
Load More..
You can do it
  1. Discriminating monopoly implies that the monopolist charges different prices for his commodity:
  2. The main contribution of Prof. R.G.D.Allen is in the field of:
  3. The equilibrium of a firm is determined by the equality of MC and MR in only:
  4. Nash equilibrium is applicable in case of:
  5. The concept of product differentiation was firstly introduced by:
  6. An economic theory is :
  7. Income distribution effects:
  8. In sweezy model (kinked demand curve model), the overall increase in costs of production:
  9. Marshalls definition of economics was strongly criticised by:
  10. The Prisoners Dilemma was presented by A.W.Tucker in:
  11. The advantage of using indifference curves rather than marginal utilities is:
  12. According to the principle of substitution?
  13. Moving along an indifference curve leaves the consumer:
  14. Short run cost curves are influenced by:
  15. Production indifference curve (isoquant) is a curve which shows:
  16. The supply curve for the short-run competitive firm is the same as:
  17. The long-run AC curve is constructed from:
  18. The economic problem of determining the combination of inputs yielding lowest cost for producing a given…
  19. A firm is a sum of persons who convert:
  20. In Prisoner Dilemma, the best choice of strategy is:
  21. The ordinary demand curve is also called:
  22. In modern cost theory, AVC= b1 and MC= b1 in the range of:
  23. The goods sold by firms under monopolistic competition are technological as well as:
  24. The relationship between price effect, income effect and substitution effect is:
  25. At a point below the middle of a straight line demand curve, elasticity of demand is:
  26. Under the law of variable proportions, the average and the marginal product of the variable factor would…
  27. The point on which the average cost is minimum in a firm, short run average cost curve will also be…
  28. In monopolistic competition, the customers are attached with one product because of:
  29. Labor Saving Technological Progress can be defined as:
  30. Which of the following models are associated with non-collusive oligopoly?