By saying that monopolist create a contrived scarcity, economist mean that monopolist:
Restrict output to increase price
Produce where MC > P
Create a gap b/w quantity demanded and supplied
None of the above
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- If two goods are perfect substitutes then IC will be:
- The marginal revenues are derivatives of:
- In terms of price, the indirect utility function may be:
- In case of economic bads, an IC can be :
- Income -elasticity of demand will be zero when a given change in income brings about:
- From the resource allocation view point, perfect competition is preferable because:
- In modern theory, LAC = LMC after the attainment of:
- Each firm in cournot model can:
- If Cobb-Douglas production function is homogeneous of degree greater than one (n>1), then it shows:
- The long-run AC curve is constructed from:
- According to the principle of substitution?
- According to Smith, by value we mean the value with respect to use, and the price we mean the value…
- The general form of Cobb-Douglas production function is:
- If the commodity is inferior then the increase in income of the consumer results in:
- When a competitive firm is in equilibrium in the long-run, its output is such that:
- Which of the following is not an explicit cost of production?
- From analysis, it is clear that both Marshal and Walras market models are:
- If in the long run, output increases in the same proportion as increase in all the input in the given…
- Excess capacity is concerned with the:
- There is no difference between fixed and variable factors in the:
- If a consumer buys a product that costs Rs.3 and provides an additional 18 units of satisfaction, then…
- Cross-elasticity of demand or cross-price elasticity between two independent goods will be:
- In 1776, a famous book An enquiry into the nature and causes of the wealth of nation was written by:
- Microeconomics deals with the:
- The modern cost curves are based upon the idea of:
- Who first formulated the Marginal Productivity Theory of Distribution?
- Economics is a:
- If the price of product increases and in the result the demand for product B also increases then:
- In perfect competition, the slope of the total revenue curve of a firm is equal to the:
- Profits of a firm will be calculated taking into account the units produced and the difference between: