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General equilibrium is concerned with simultaneous equilibrium of:

A. Few economic agents

B. All the economic agents

C. Two economic agents

D. Many economic agents

Correct Answer : B.


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  1. When total product (TP) is maximum:
  2. The budget line is described by each of the following except:
  3. In long run, a firm can change:
  4. The slope of the iso-cost line (budget line) is determined by:
  5. In short run, a firm would remain in business as long as which one of the following of cost is covered?
  6. Price discrimination is possible:
  7. Kinked Demand Curve is consistent with which one of the following market situations?
  8. Ceteris paribus clause in the law of demand means:
  9. A decrease in demand lowers the price the most:
  10. Entry of new firms into a competitive market will shift the supply curve of the:
  11. Nash equilibrium is applicable in case of:
  12. At low prices, demand is likely to be:
  13. In the long-run competitive equilibrium:
  14. According to Smith, by value we mean the value with respect to use, and the price we mean the value…
  15. In monopoly:
  16. In joint-profit maximization cartel, the distribution of profit is:
  17. Price leadership is associated with:
  18. When total revenue is maximum in monopoly, elasticity of demand is:
  19. A firm in a position of equilibrium is supposed to be maximizing:
  20. Two policy variables, product and selling activities in the theory of firm was introduced by:
  21. Which form of market structure is characterized by interdependence in decision-making as between the…
  22. The firms in non-cooperative games:
  23. If the commodities X and Y are perfect complements then:
  24. The elliptical isoquant represents the:
  25. The long-run AC curve is constructed from:
  26. Quantity demanded or supplied is measured in:
  27. There is no difference between fixed and variable factors in the:
  28. The difference between average cost and average revenue is:
  29. While buying two goods X and Y with unequal prices, to maximize total utility from his income, a consumer…
  30. If a ten percent increase in price causes a ten percent reduction in quantity demanded, elasticity of…