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What is the correct answer?

4

An iso-product (an isoquant) curve slopes:

A. Downward to the left

B. Downward to the right

C. Upward to the right

D. Upward to the left

Correct Answer :

B. Downward to the right


Related Questions

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4

The partial equilibrium model keeps other things:

A. Variable

B. Constant

C. Increasing

D. Decreasing

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4

On all points of budget (price) line:

A. Total expenditures increases

B. Total expenditures decreases

C. Total expenditures are zero

D. Total expenditures remain same

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4

Under monopolistic competition, in long-run there is:

A. Ban on exit

B. Ban on entry

C. Free entry

D. Free entry and exit

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4

If the commodities X and Y are perfect substitutes then:

A.

B.

C. >

D. None of the above

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4

At low prices, demand is likely to be:

A. More elastic

B. Less elastic

C. Unit elastic

D. Perfectly inelastic

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4

The engineering production function and engineering costs curves are concerned with the:

A. Production cost

B. Collection cost

C. Raw material costs

D. Distribution costs

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4

Moving along the indifference curve leaves the consumer:

A. Better off

B. Worse off

C. In equilibrium

D. Neither better off nor Worse off

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4

A budget line shows:

A. Quantities of commodity X which a consumer could buy with no amount of Y

B. Quantities of commodity Y which a consumer could buy with no amount of X

C. The different combinations of X and Y that the consumer could buy

D. All of the above

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4

If the slope of the isoquant is equal to the slope of isocost, then isoquant is:

A. Concave to the origin

B. Convex to the origin

C. Tangent to the origin

D. None of the above

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4

Who is the author of Choice of Technique?

A. K.N.Raj

B. Amartiya Sen

C. A.C.Pigou

D. Alfred Marshal

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4

MC is given by:

A. The slope of the TVC curve

B. The slope of the TVC curve but not the slope of the TC curve

C. The slope of the TC curve but not by the slope of the TVC curve

D. Either the slope of the TVC curve or the slope of the TC curve

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4

A firm in a position of equilibrium is supposed to be maximizing:

A. Output

B. Sales

C. Profits

D. None of the above

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4

The Law of Diminishing Marginal Returns can be explained in terms of:

A. Economies and diseconomies of production

B. Indivisibility of factors

C. Fixity of supply of land

D. Variable factor productivity

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4

According to M.Kalecki, the true measure of the degree of monopoly power is the:

A. Ratio between price and marginal cost

B. Extent of monopolistic profit enjoyed by him

C. Cross-elasticity of demand for the product of the monopolist

D. Price charged by the monopolist minus marginal cost of production

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4

A fall in demand for the product under monopolistic competition will likely result in:

A. A fall in price

B. A decrease in the number of firms in the long-run

C. A decrease in the output of each firm

D. All of the above

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4

The isoquant approach is based upon:

A. One output

B. One input

C. Two outputs

D. Two inputs

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4

Airlines that try to lower fares in order to increase revenues believe that demand for airline services is:

A. Price elastic

B. Price inelastic

C. Income elastic

D. Income inelastic

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4

All of the following are capital resources except:

A. Warehouses

B. Buildings

C. Dams

D. Share of stock

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4

An indifference curve normally slopes downward from:

A. Left to right

B. Right to left

C. Both of them

D. None of them

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4

When there is decrease in demand the demand curve:

A. Moves (shifts) towards the axis

B. Moves (shifts) away from the axis

C. Remains unchanged

D. All of the above

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4

With the change in the factor prices, the slope of the expansion path will:

A. Not change

B. Also change

C. Increase

D. Decrease

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4

We can find total utility by:

A. Multiplying the number of unit by its marginal utility

B. Adding up the marginal utility of all units

C. Multiplying price by number of units

D. None of the above

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4

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

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4

The Hicksian indirect utility function in the form of equation is:

A. x =f(P)

B. x =a-bp

C.

D.

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4

The number of sellers in oligopoly are:

A. Two

B. Many

C. Four

D. Very few

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4

Under monopolistic competition, the firms compete alongwith:

A. Supreme powers

B. Discretionary powers

C. Low powers

D. None of the above

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4

When the consumer is in equilibrium not only his income is fully spent, but the ratio of marginal utility and price is:

A. Increased

B. Equalized

C. Prominent

D. Zero

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4

In a competitive market, price is determined primarily by:

A. Transportation costs

B. The interplay of demand and supply

C. Costs of production

D. The marginal product of labour

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4

In long run, a firm can change:

A. Fixed factors

B. Variable factors

C. Both of them

D. None of them

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4

The modern cost curves are based upon the idea of:

A. Fixed capacity

B. Specific capacity

C. Excess capacity

D. Reserve capacity