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Government planners play a central role in allocating resources:

A. Only under socialism(communism)

B. Only under capitalism

C. Under both (a) and (b)

D. None of the above

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  1. When total product falls:
  2. When the slope of a demand curve is zero (also known as vertical demand curve) then elasticity will…
  3. The engineering production function and engineering costs curves are concerned with the:
  4. The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:
  5. The demand curve of a firm in monopolistic competition is:
  6. At the point where the straight line from the origin is tangent to the TC curve, AC is:
  7. We get constant returns to scale when:
  8. Which of the following is not a characteristic of a perfectly competitive market?
  9. In real life, brand loyalty is a barrier to:
  10. A firm can never produce in the middle area of input space, in case of:
  11. Identify the author of The Social Framework:
  12. In dominant strategies I am doing the best, I can no matter:
  13. Formulation of an economic theory involves:
  14. Necessary condition for consumer equilibrium is:
  15. The demand curve slopes downwards due to:
  16. Utility is a function of:
  17. A normal profit is:
  18. Total Utility (TU) curve:
  19. Duopoly is a market where there are:
  20. Who introduced the concept of Elasticity of Demand into economic theory?
  21. The elasticity of demand is equal to slope of demand function divided by:
  22. Supply curves are most elastic:
  23. An increase in the supply of a commodity is caused by:
  24. MC curve is:
  25. When income of the consumer increases then demand curve of an inferior good:
  26. A firm is a sum of persons who convert:
  27. Diseconomies of management lead to:
  28. When the demand curve is rectangular hyperbola, it represents:
  29. The number of sellers in duopoly is:
  30. Cross-elasticity of demand or cross-price elasticity between two perfect complements will be: