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Human wants are:

A. Thousands

B. Few

C. Innumerable

D. Hundreds

Correct Answer : C.


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  1. In measuring price-elasticity:
  2. The low cost price leader will charge:
  3. In the short-run, the competitive firm can maximize its profits (or minimize its losses) by:
  4. Increasing return to scales can be explained in terms of:
  5. Economics define technology as:
  6. Production is a function of:
  7. If the price of product increases and in the result the demand for product B also increases then:
  8. Marginal revenue from a given output:
  9. We can write ordinal utility function as:
  10. In centralized cartel, the firms are like:
  11. Selling costs are incurred under monopolistic competition to:
  12. A producer attains the least cost combination when the relation between Marginal Rate of Technical Substitution…
  13. On the total utility curve the economically relevant range is the portion over which:
  14. Traditionally, the study of determination of price is called:
  15. According to M.Kalecki, the true measure of the degree of monopoly power is the:
  16. The total revenue curve for monopolist is the shape of:
  17. Identify the factor, which generally keeps the price elasticity of demand for a commodity low:
  18. The pay-off matrix shows:
  19. In Edgeworth model, if price falls below competitive price, the demand is:
  20. The main contribution of David Ricardo is in the field of:
  21. In joint-profit maximization cartel, central agency sets the:
  22. The least cost combination of factors x , y and z will generally be the point at which:
  23. A monopolist has control over the price he charges for his product. He will be able to maximize his…
  24. Diminishing returns occur when a firm:
  25. An indifference curve shows the bundles of two goods among which a consumer remains:
  26. Ordinal approach includes arranging:
  27. The MC curve cuts the AVC and ATC curves:
  28. Microeconomics is also known as:
  29. The products, under monopolistic competition are differentiated, yet they are:
  30. Firms average and marginal revenues are equal under: