Along an isoquant, output remains same, and capital labor ratio:
Is also same
Is different
Is constant
Is zero
Correct Answer :
B. Is different
Related Questions
According to Chamberline, in monopolistic competition, differentiation is determined by:
Choices
Preferences
Both a and b
None of the above
Nash Equilibrium is stable:
They involve dominant strategies
They involves constant-sum games
Once the strategies are chosen, no player has an incentive to deviate unilaterally from them
None of the above
The demand for cigarettes is price inelastic implying a unit tax on this commodity will
Will mainly paid by sellers of the product
By mainly paid by cigarette smokers
Be mainly paid by tobacco growers
None of the above
Identify the author of The Principles of political Economy and Taxation:
Alfred Marshal
J.S.Mill
David Ricardo
A.C.Pigou
The ordinary demand curve is also called:
Marshallian demand curve
Hicksian demand curve
Slutsky demand curve
All the above
The effects according to which people use those goods which are concerned with distinctive standard of living are:
Bandwagon effects
Snob effects
Veblen effects
Steven effects
Which of the following statement is wrong?
A utility function refers to a particular individual and reflects the tastes of that individual
When the tastes of an individual changes, his utility function changes(shifts)
Different individuals usually have different tastes and thus have different utility functions
Different individuals have same tastes and thus have the same utility function
The monopolist often lead to exploitation of:
Producers
Workers
Managers
Consumers
Implicit costs are the costs:
Which are not incurred by the firm and may accrue to the community
Of resources the cost of factors owned by the firm
Of resources supplied by the household
Of government externalities
Excess capacity is concerned with the:
V-shaped traditional cost curves
S-shaped traditional cost curves
Modern cost curves
U-shaped traditional cost curves
Opportunity costs are also known as:
Spill-over costs
Money costs
Alternative costs
External costs
Normal profits are considered as:
Explicit costs
Implicit costs
Social costs
Private cost
At a point above the middle of a straight line demand curve, elasticity of demand is:
Less than one
Equal to one
More than one
Equal to infinite
Ceteris paribus clause in the law of demand means:
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
The law of variable proportions comes into being when:
All factors are variable
There is a fixed factor and variable factor
All factors are non-variable
None of the above
Rent is a creation of value, not of wealth who made this observation?
Adam Smith
David Ricardo
Alfred Marshal
A.C.Pigou
If a commodity sold under monopoly is got free of cost, then MC will be:
Zero
Identical with the MR
A horizontal straight line
Infinite
The consumer is in equilibrium at the where:
Budget line and indifference curve intersect each other
Budget line and indifference curve are tangent to each other
Budget line and indifference curve are opposite to each other
Budget line and indifference curve are parallel to each other
Indifference curves reflect:
Preferences
Income
Prices
Consumption
Gold is bought and sold in a:
Perfectly competitive international market
Perfectly competitive national market
Imperfect international market
Imperfect national market
Which describes a competitive market?
Many buyers and many sellers
One seller, many buyers
One buyer, many sellers
Few sellers, many buyers
In case of straight-line isoquant, the factors are not substituted because they are each others:
Imperfect substitutes
Perfect substitutes
Complements
None of the above
A firm considering what type of new plant to build is involved in a:
Immediate-run decision
Market period decision
Short-run decision
Long-run decision
The costs faced by the firm against fixed factors are:
Total costs
Fixed costs
Variable costs
Marginal costs
With firms having cost differences under perfect competition, a firm, which earns normal profit in the long-run is called:
An optimum firm
A representative firm
An oxford firm
A marginal firm
A monopolist is able to maximize his profit when:
His output is maximum
He charges a high price
His average cost is minimum
His marginal revenue is equal to marginal cost
A firm in a position of equilibrium is supposed to be maximizing:
Output
Sales
Profits
None of the above
In dominant strategies I am doing the best, I can no matter:
What you do
What you are doing
What you not do
None of them
The vertical distance between TVC and TC is equal to:
MC
AVC
TFC
AC
The Chamberline model recognizes mutual:
Independence of firms
Interdependence of firms
Independence of individuals
Interdependence of materials