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For the given production function, technical efficiency is defined as:

A. Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)

B. Sets of points relating production function that produces less output than possible for a given set of input (labor) i.e. Q < f(L, K)

C. Use of imported technology

D. None of the above

Correct Answer : A.


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  1. In the long-run competitive equilibrium, the theory predicts that:
  2. A decrease in demand lowers the price the most:
  3. Demand for a commodity is elastic when it has
  4. Isocost line shows the combinations of labor and capital where a firms budget is:
  5. The general markets results from the imposition of price ceilings has been:
  6. If the commodity is normal then fall in price will result in:
  7. Chamberline introduces the concept of:
  8. The slutsky demand curve includes:
  9. In modern theory, LAC = LMC after the attainment of:
  10. If a firm is producing output at a point where diminishing returns have set in, this means that:
  11. The right of individuals to control productive resources is known as:
  12. The fundamental choices that a society must make about the use of its resources include:
  13. In cournot model, firms sell:
  14. An indifference curve slopes down towards right since more of one commodity and less of another result…
  15. The Latin term citeris paribus means:
  16. The games which played by players again and again are called:
  17. In market sharing cartel model, cartel determines the shares of:
  18. If less is demanded at the same price or same quantity demanded at a lower price, it is a case of:
  19. The firm is at equilibrium where:
  20. In short run:
  21. According to Marshallian approach, utility:
  22. A producer attains the least cost combination when the relation between Marginal Rate of Technical Substitution…
  23. The basic subject matter of economics is:
  24. In measuring price-elasticity:
  25. Market allocation fundamentally relies upon:
  26. Extension (expansion) of demand means:
  27. Which is the first-order condition for the profit of a firm to be maximum?
  28. The Law of Proportionality is another name of:
  29. A firm will be in equilibrium when the lowest isocost is:
  30. A dominant strategy can best be described as: