If the commodities X and Y are perfect complements then:
None of the above
Correct Answer :
C.
Related Questions
The income consumption curve (ICC) is the locus of points of consumer equilibrium resulting:
Only when the price of commodity X changes
Only when the price of commodity Y changes
Only when the consumers income is varied
None of the above
One common definition of a luxury good is a good with income elasticity:
Greater than one
Equal to one
Less than one but more than zero
None of the above
According to Chamberline, in monopolistic competition, differentiation is determined by:
Choices
Preferences
Both a and b
None of the above
In economic term water is a:
Free good
Economic good
Both of the above
None of the above
Supply and demand changes have their most rapid impact in:
Auction market
Contract markets
Market for commercial office space
Natural gas market
The line from the origin to a point on an isoquant shows:
The wages employment ratio
The capital rent ratio
The rent labor ratio
The capital labor ratio
The word ECONOMICS is derived from the Greek terms meanings:
Political economy
Household Management
Production and consumption
Financial Accounting
A budget line shows:
Quantities of commodity X which a consumer could buy with no amount of Y
Quantities of commodity Y which a consumer could buy with no amount of X
The different combinations of X and Y that the consumer could buy
All of the above
In price leadership, like leader, the follower firm may:
also maximize its profits
not maximize its profits
maximize its costs
none of the above
Average cost means:
Cost of the average units
Cost of the last units of average
Cost of the unit of production
Total cost marginal cost
The equilibrium of a firm is determined by the equality of MC and MR in only:
Under perfect competition
Under monopoly
Under imperfect competition
Under all the above market forms
An increase in the supply of a commodity is caused by:
Improvements in its technology
Fall in the prices of other commodities
Fall in the prices of factors of production
All of the above
The difference between average total cost and average fixed cost shows:
Normal profits
Implicit costs
Variable costs
Opportunity costs
An indifference curve shows the bundles of two goods among which a consumer remains:
Indifferent
Different
In equilibrium
Dominant
The Law of Equi-Marginal Utility refers to:
Marginal utility of commodity X
Marginal utility of commodity Y
Marginal utility per rupee spent on X and Y commodities
None of the above
In case of monopoly, the slope of MR is:
Always three times than the slope of AR
Always double than the slope of AR
Always equal to the slope of AR
None of the above
In Nash equilibrium, a player:
Deviates from his strategy
Does not deviate from his strategy
Does not think in a good way
None of the above
A mixed economy is characterized by the coexistence of:
Modern and traditional industries
Public and private sectors
Foreign and domestic investments
Commercial and subsistence farming
Repetition of a game (Repeated Game):
Yields the same outcome over and over
Can result in behavior that is different from what it would be if the game were played once
Is not possible
Makes cooperative games into noncooperative games
Indifference curves reflect:
Preferences
Income
Prices
Consumption
Two policy variables, product and selling activities in the theory of firm was introduced by:
Chamberline
Sraffa
Carl marx
Robinson
The total utility is gained by consuming:
The last unit of a good
All the units of a good
The first unit of a good
The average unit of a good
Change in demand (rise and fall of demand) is:
Due to change in price while other factors remain constant
Due to change in factors other than price
Both a and b
None of the above
At high prices, demand is likely to be:
More elastic
Less elastic
Unit elastic
Perfectly inelastic
The cost of one thing in terms of the alternative given up is known as:
Production cost
Physical cost
Real cost
Opportunity cost
Gold is bought and sold in a:
Perfectly competitive international market
Perfectly competitive national market
Imperfect international market
Imperfect national market
The demand for cigarettes is price inelastic implying a unit tax on this commodity will
Will mainly paid by sellers of the product
By mainly paid by cigarette smokers
Be mainly paid by tobacco growers
None of the above
An indifference curve normally slopes downward from:
Left to right
Right to left
Both of them
None of them
Total fixed costs are:
The number of sellers in duopoly is:
A few
Four
Two
Very large