Income effect is positive but substitution effect is negative
Income effect is negative but substitution effect is positive
Both income effect and substitution effect are negative
Both income effect and substitution effect are positive
C. Both income effect and substitution effect are negative
J.P.Lewis
R.G.D.Allen
Paul A.Samuelson
E.D.Domar
Developed economy
Laissez-fair economy
Mixed economy
Capitalistic economy
P = AC
P = MC
AC = MC
MC = TR
Negative
Positive
Infinite
Zero
LAC = LMC
SAC = LMC
SAC =MC
SAC =LAC
Marginal propensity to consume
Marginal propensity to save
Liquidity preference
All of the above
Proportionate change in demand Proportionate change in price
Proportional change in the purchase of Y Proportional change in the price of X
Proportionate change in demand Proportionate change in income
Proportionate change in demand Proportionate change in price
Competitive firm
Oligopolistic firm
Monopolist firm
None of the above
Equal to zero
Equal to one
Equal to infinite
More than one
Consumers
Employees
People
Labor
They must consume the same amounts of all goods
The wealthier one will have lower marginal utility for most goods
The wealthier one will have higher marginal utility for most goods
They will enjoy the same level of utility
Giffen goods
Necessities
Luxuries
Prestige goods
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
Consumption expenditure
Theory of population
Division of labor
Theory of demand
Each player has a dominant strategy
No players have a dominant strategy
At least one player has a dominant strategy
Players may or may not have dominant strategies
Law of production
The Law of Equi-Marginal Utility
The Law of Diminishing Marginal Utility
Law of Variable Proportions
Price demanded and price paid
Price quoted and price actually paid
Price that a consumer is willing to pay and the price actually paid
None of the above
The different combinations of X and Y in any way the consumer wants
The different combinations of X and Y higher and lower and measuring the difference of utility between them
The different combinations of X and Y higher and lower and not measuring the difference of utility between them
None of above
Income effect(I.E)
Substitution effect(S.E)
Taste effect
Both a and b
L-shaped
J-shaped
M-shaped
V-shaped
Can not influence the market
Can influence the market
Is a price taker
None of the above
An increase in the price of beef
An increase in the price of lamb
A reduction in the consumers income
A reduction in the price of lamb
MC = AC and P=MR
MC=MR and P =AR= ATC
Irving Fisher
J.B.Clark
J.M.Keynes
Gunnar Myrdal
MR is positive
MR falls
MR rises
MR is zero
Increase in demand for Y
Decrease in demand for Y
Increase in demand for both X and Y
Increase in demand for Y
Perfect competition price is charged
Monopoly price is charged
Monopoly price is not charged
None of the above
Positive
Negative
Zero
None of the above
Complements
Close substitutes
Both a and b
None of the above