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4

If the slope of the isoquant is equal to the slope of isocost, then isoquant is:

A. Concave to the origin

B. Convex to the origin

C. Tangent to the origin

D. None of the above

Correct Answer :

B. Convex to the origin


Related Questions

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4

If the price of product increases and in the result the demand for product B also increases then:

A. A and B are substitute goods

B. A and B are complementary goods

C. A is inferior to B

D. A is superior to B

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4

Under the perfect competition, the transportation cost:

A. Is considered to be negligible and thus ignored

B. Is considered to be vital for the calculation of total cost

C. Is charged along with the price of the commodity

D. None of the above

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4

Rational economic behavior on the part of the consumer means that he will:

A. Save as much of his income as possible

B. Spend as much of his income as possible

C. Buy everything at the lowest possible price

D. Make wise choices among available economic goods

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4

Of the following commodities, which has the lowest price-elasticity of demand?

A. Car

B. Salt

C. Tea

D. House

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4

The non-price competition cartel is a:

A. stable cartel

B. unstable cartel

C. prominent cartel

D. special cartel

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4

Who wrote Mathematical Analysis for Economists?

A. J.P.Lewis

B. R.G.D.Allen

C. Paul A.Samuelson

D. E.D.Domar

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4

If a straight line supply curve makes an intercept on the X-axis, the elasticity of supply is:

A. Equal to unity

B. Less than unity

C. More than unity

D. Zero

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4

The cost of one thing in terms of the alternative given up is known as:

A. Production cost

B. Physical cost

C. Real cost

D. Opportunity cost

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4

In centralized cartel, the firms are like:

A. Price takers

B. Price setters

C. Price discriminators

D. None of the above

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4

In Prisoners Dillemma, the players are:

A. Industrialists

B. Prisoners

C. Common men

D. Workers

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4

In short run, a firm can change its:

A. Total production

B. Fixed production

C. Variable production

D. None of the above

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4

The firm in cournot model:

A. face costs

B. face taxes

C. donot face taxes

D. donot face costs

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4

Slope of a demand curve is:

A. Not relevant to elasticity

B. The only factor determining elasticity

C. Only one of the factors influencing elasticity

D. None of the above

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4

The Law of Equi-Marginal Utility refers to:

A. Marginal utility of commodity X

B. Marginal utility of commodity Y

C. Marginal utility per rupee spent on X and Y commodities

D. None of the above

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4

The short run cost curve is U shaped because of:

A. The operation of increasing cost

B. The existence of fixed cost

C. The existence of variable cost

D. All of the above

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4

The name of the system of direct exchange is:

A. Price system

B. Barter system

C. Islamic economic system

D. Socialistic system

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4

The engineering production function and engineering costs curves are concerned with the:

A. Production cost

B. Collection cost

C. Raw material costs

D. Distribution costs

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4

The entry of new firms in cournot model is:

A. Banned

B. Free

C. Partially free

D. Allowed

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4

The number of sellers in oligopoly is:

A. Two

B. One

C. Very large

D. A few

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4

On the total utility curve the economically relevant range is the portion over which:

A. The total utility is rising at a declining rate

B. The total utility is raising at an increasing rate

C. Total utility is maximum

D. Total utility is declining

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4

The factors of production in perfect competition are:

A. Stagnant

B. Mobile

C. Immobile

D. Rare

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4

The products, under monopolistic competition are differentiated, yet they are:

A. Complements

B. Close substitutes

C. Both a and b

D. None of the above

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4

The equilibrium level of output for the pure monopolist is where:

A. MR = MC

B. MR > MC

C. MR < MC

D. P < AC

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4

A typical demand curve cannot be:

A. Convex to the origin

B. Concave to the origin

C. A straight line

D. Rising upwards to the right

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4

The water diamond paradox was firstly resolved with the help of:

A. Labor theory of value

B. Individual theory of value

C. Producer theory of value

D. Consumer theory of value

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4

The proportionality rule in production requires that the ratios of MP and factor prices are:

A. Doubled

B. Equalized

C. Not equalized

D. None of the above

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4

With an increase in income, consumer is expected to buy more of:

A. An inferior good

B. A giffen good

C. A normal(or superior) good

D. None of the above

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4

When the demand curve is rectangular hyperbola, it represents:

A. Unitary elastic demand

B. Perfectly elastic demand

C. Perfectly inelastic demand

D. Relatively elastic demand

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4

In case of economic bads, an IC can be :

A. Sloping downward

B. Sloping upward

C. Positively sloped

D. Negatively sloped

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4

Used cars are sold in:

A. Perfectly competitive international market

B. Perfectly competitive national market

C. Imperfect international market

D. Imperfect local market