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If two goods are perfect substitutes then IC will be:

A. Concave to the origin

B. Convex to the origin

C. Positively sloped

D. Negatively sloped

Correct Answer : D.


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  1. In long run competitive equilibrium:
  2. The indifference curve technique:
  3. The behavior of MC curve is determined by the behavior of the:
  4. Cross-elasticity of demand or cross-price elasticity between two independent goods will be:
  5. The main contribution of Prof.Robbins is in the field of:
  6. In the perfect competition, there is a process of:
  7. In cournot model, firms make decisions separately regarding:
  8. For a commodity giving large consumers surplus, the demand will be:
  9. Whenever a group of monopolistic competitors attains equilibrium, the firms in this group usually:
  10. The reaction curve of a firm is attained by joining the:
  11. Loanable funds theory of Interest was developed by:
  12. The price under perfect competition is settled by:
  13. The coefficient of the price elasticity of demand is computed as the absolute value of the percentage…
  14. Decrease in demand results in:
  15. Because the price elasticity of demand for OPEC oil is approximately .08, in order to increase revenues…
  16. Which industries spend a relatively large share of their revenue on research and development in order…
  17. Each SAC represents a particular level of:
  18. In the long-run competitive equilibrium:
  19. Cross-elasticity of demand or cross-price elasticity between two perfect complements will be:
  20. Which of the following models are associated with non-collusive oligopoly?
  21. Under competitive conditions, the industry will be in equilibrium:
  22. Pure monopoly exists:
  23. The costs faced by the firm against variable factors are:
  24. The good will highest income elasticity is:
  25. The slope of marshallian demand curve is:
  26. If the prices of goods rise then:
  27. Profits of a firm will be calculated taking into account the units produced and the difference between:
  28. Demand is consumers:
  29. According to Saint Thomas Aquinas value is determined by God, but prices by:
  30. Total costs are: