If the production function is homogeneous, the expansion path will be a straight line through the origin whose slope determines the optimal:
L/K ratio
K/L ratio
P/L ratio
P/K ratio
- In cournot model, during the process of adjustment, the number of firms:
- By saying that monopolist create a contrived scarcity, economist mean that monopolist:
- In the case of a giffen good, the income effect:
- Utility is:
- Ceteris paribus clause in the law of demand means:
- Each firm in cournot model assumes that its competitor will:
- Price discrimination occurs when:
- In perfect cartel, the:
- An increase in the supply of a commodity is caused by:
- Monopolistic firm can fix:
- At a point above the middle of a straight line demand curve, elasticity of demand is:
- A country is advised to devalue (reduce external value of) its currency only when its exports face:
- Excess capacity is not found under:
- Indifference curve represents:
- In measuring price-elasticity:
- Using total revenue and total cost, a profit maximizing firm will be equilibrium at a point:
- The optimum level of output in long run takes place where:
- When total product increases at a decreasing rate:
- Change in quantity demanded refers to:
- An economic model describing the working of an economy consists of:
- Isocost line shows the combinations of labor and capital where a firms budget is:
- Income -elasticity of demand will be zero when a given change in income brings about:
- The combination of labor and capital where the cost of a given output is minimized is known as:
- Firms average and marginal revenues are equal under:
- In short run, a firm would remain in business as long as which one of the following of cost is covered?
- The number of firms in monopolistic competition normally range between:
- The entry of new firms in cournot model is:
- Under competitive conditions, the industry will be in equilibrium:
- We get constant returns to scale when:
- Cartel is associated with: