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4

In case of complementary factors, the isoquants are:

A. L-shaped

B. J-shaped

C. M-shaped

D. V-shaped

Correct Answer :

A. L-shaped


Related Questions

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4

The falling part of total Utility (TU) curve shows:

A. Increasing marginal utility

B. Decreasing marginal utility

C. Zero marginal utility

D. Negative marginal utility

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4

A budget line shows:

A. Price of commodity X in terms of Y

B. Price of commodity Y in term of X

C. Income of the consumer

D. All of the above

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4

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

A. Equal to unity

B. Less than unity

C. More than unity

D. Zero

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4

When a consumer reached at the point of saturation then marginal utility (MU) is:

A. Negative

B. One

C. Positive

D. Zero

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4

In context of oligopoly, the kinky demand curve (kinked demand curve) hypothesis is designed to explain:

A. Price and output determination

B. Price rigidity (price stickness)

C. Price leadership

D. Collusion among rivals

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4

A fall in demand for the product under monopolistic competition will likely result in:

A. A fall in price

B. A decrease in the number of firms in the long-run

C. A decrease in the output of each firm

D. All of the above

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4

In the theory of firm, Chamberline presented the idea of:

A. Rising cost

B. Falling cost

C. Rising input

D. Falling input

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4

If the price of product A decreases and in the result the demand for product B increases then we can say that:

A. A and B are substitute goods

B. A and B are complementary goods

C. A is an inferior good

D. B is an inferior good

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4

Government planners play a central role in allocating resources:

A. Only under socialism(communism)

B. Only under capitalism

C. Under both (a) and (b)

D. None of the above

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4

In sweezy model (kinked demand curve model), the overall increase in costs of production:

A. Do not effect equilibrium

B. Affect equilibrium

C. Both a and b

D. None of the above

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4

Who developed the concept of Representative Firm?

A. A.C.Pigou

B. Alfred Marshal

C. J.M.Keynes

D. D.H.Robertson

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4

Labor theory was firstly rejected by:

A. Adam Smith

B. Karl Marx

C. Ricardo

D. Pigou

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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

Price discrimination occurs when:

A. Different prices are charged to different consumers for homogenous products

B. Same prices are charged for differentiated products

C. Different prices are charged for homogenous goods for successive units to the same customer

D. Any of the above condition is present

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4

Income distribution effects:

A. The price of complements

B. The price of substitutes

C. The market demand for commodities

D. The individuals scale of performances

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4

For monopolistic competitive firm:

A. P=AR and P>MR

B. P

C. P=MC and MC=AC

D. None of the above

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4

The relationship between MC and MP shown by the marginal cost concept is:

A. Inverse

B. Direct

C. Negative

D. Positive

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4

Firms average and marginal revenues are equal under:

A. Monopoly

B. Perfect competition

C. Oligopoly

D. Monopolistic competition

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4

The arc elasticity is the measure of average elasticity at the mid-point of the chord and connects:

A. Two points on demand curve

B. Two points on supply curve

C. Many points on demand curve

D. Many points on demand curve

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4

The modern cost curves are based upon the idea of:

A. Fixed capacity

B. Specific capacity

C. Excess capacity

D. Reserve capacity

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4

The General Theory of Employment, Interest and Money is the major work of :

A. N.Kaldor

B. Alfred Marshal

C. J.M.Keynes

D. J.S.Duesenberry

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4

A normal profit is:

A. A zero economic profit

B. Revenues less explicit cost

C. About 10% for most industries

D. A zero accounting profit

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4

In case of complementary factors, the isoquants are:

A. L-shaped

B. J-shaped

C. M-shaped

D. V-shaped

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4

When income of the consumer increases then demand curve of an inferior good:

A. Shifts rightward

B. Shifts leftward

C. Does not shift

D. None of the above

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4

According to Marshallian approach, utility:

A. Can be added

B. Can be subtracted

C. Can be multiplied

D. Can be divided

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4

Using total revenue and total cost, a profit maximizing firm will be equilibrium at a point:

A. Where the gap between the two is the smallest

B. Where the gap between the two is the greatest

C. Where the two become equal

D. None of the above

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4

If the increase in demand is more than the increase in supply, the price will:

A. Rise

B. Fall

C. Remain the same

D. None of the above

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4

In modern theory, LAC = LMC after the attainment of:

A. Maximum optimal scale

B. Average optimal scale

C. Minimum optimal scale

D. None of the above

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4

Which of the following is the work of A.C.Pigou?

A. Economics of Welfare

B. Commerce and Trade

C. Industrial Economics

D. None of the above

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4

Contraction of demand means:

A. Less quantity demanded at the same price

B. Less quantity demanded at a higher price

C. Less quantity demanded at a lower price

D. None of the above