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If a new production technology for producing compact discs is developed and new firms are attracted to this field:

A. The supply curve will shift down or right

B. The supply curve will shift up or left

C. Both demand and supply curve shifts would occur

D. None of the above

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  1. If at the unchanged price, the demand for a commodity goes up, or the quantity demanded remains the…
  2. Perfect competition assumes:
  3. The horizontal demand curve for a commodity shows that its demand is:
  4. If the demand curve remains unchanged and supply increases, the price will:
  5. A firm in a position of equilibrium is supposed to be maximizing:
  6. Price discrimination is possible:
  7. In case of monopoly, the slope of MR is:
  8. Competitors in monopolistic competition have full control over:
  9. In perfectly competitive markets, the profit maximization rule can be represented by:
  10. Government planners play a central role in allocating resources:
  11. For a few products such as insulin for diabetics,:
  12. The basic subject matter of economics is:
  13. To calculate the Economic Profit we must deduct which of the following cost from our total revenues?
  14. Marginal cost is always:
  15. In the long-run competitive equilibrium, the theory predicts that:
  16. In Revealed Preference Theory, a consumer reveals preference for bundle of:
  17. In modern cost theory, AVC= b1 and MC= b1 in the range of:
  18. In a perfectly competitive market, suppliers must know:
  19. Cross-elasticity of demand or cross-price elasticity between two substitutes will be:
  20. A monopoly producer has:
  21. The least cost combination of factors x , y and z will generally be the point at which:
  22. Income-demand curve shows:
  23. In case of perfect competition, TR curve rises at a:
  24. Which of the following pairs of commodities is an example of substitutes?
  25. The advantage of using indifference curves rather than marginal utilities is:
  26. In real life firms:
  27. In the immediate run:
  28. As the price of diamond is higher, so it has:
  29. The main contribution of Prof. Lord Keynes is in the field of:
  30. The Lambda or Langrange Multiplier is a: