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As the price of diamond is higher, so it has:

A. Higher marginal valuation for consumer

B. Lower marginal cost for producer

C. Higher marginal cost for producer

D. Both (a) and (c)

Correct Answer : D.


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  3. In price leadership, like leader, the follower firm may:
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  6. Perfect competition assumes:
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  8. If the commodity is inferior then:
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  10. On all points of budget (price) line:
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  12. Used cars are sold in:
  13. Law of Returns to Scale shows:
  14. Marshalls definition of economics was strongly criticised by:
  15. According to translog production function, elasticity of substitution is:
  16. A budget line shows:
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  18. If the commodities X and Y are perfect substitutes then:
  19. In short run, a firm would remain in business as long as which one of the following of cost is covered?
  20. In Prisoner Dilemma, the best choice of strategy is:
  21. The income consumption curve (ICC) is the locus of points of consumer equilibrium resulting:
  22. A monopolist is:
  23. Each firm in cournot model starts selling:
  24. In perfect competition, the slope of the total revenue curve of a firm is equal to the:
  25. If the production increases under decreasing returns to scale, the cost will:
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  27. A loss bearing firm will continue to produce in the short run so long as the price at least covers:
  28. A firm can never produce in the middle area of input space, in case of:
  29. The monopolist firm is price setter. The price setter firm is one which:
  30. Cross-elasticity of demand or cross-price elasticity between two independent goods will be: