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In a socialist (communist) economy the invisible hand:

A. Guides most resource allocation decisions

B. Operates effectively only in the labor market

C. Operates effectively only in the market for capital

D. Is prevented from operating effectively

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  1. If the demand curve is inelastic then:
  2. The production function can convey to a firm:
  3. 7.In an economy based on the price system the decision on what shall be produced is made by:
  4. The situation in between the extremes of the govt. controlled, planned economy and the perfectly free,…
  5. Under the perfect competition, the transportation cost:
  6. Marginal utility means:
  7. Capital Saving Technological Progress can be defined as:
  8. If in the long run, output increases in the same proportion as increase in all the input in the given…
  9. The isoquant which are generated by CES (constant elasticity of substitution) production function are…
  10. Average cost means:
  11. The effect of consumer boycotts usually is:
  12. Income-elasticity of demand is expressed as:
  13. The external economies of scale experienced by a firm include the:
  14. The total revenue curve for monopolist is the shape of:
  15. Used cars are sold in:
  16. The price under perfect competition is settled by:
  17. The critics of Sweezy model say that kink generates:
  18. For a commodity giving large consumers surplus, the demand will be:
  19. In short-run, in monopolistic competition, a firm earns:
  20. The Cambridge School of Thought refers to the group of English economists who came under the influence…
  21. Implicit costs are the costs:
  22. With firms having cost differences under perfect competition, a firm, which earns normal profit in the…
  23. A firm enjoys maximum control over the price of its product under:
  24. Normally when price per unit of time falls:
  25. If the factors have to be employed in a fixed ratio, then the elasticity of substitution under Leontief…
  26. In monopoly, when average revenue curve falls:
  27. The kinked demand curve comes into being where:
  28. The imaginary differentiation is attributed to difference in:
  29. When a consumer reached at the point of saturation then marginal utility (MU) is:
  30. Indifference curves reflect: