In case of complementary factors, the isoquants are:

A. L-shaped

B. J-shaped

C. M-shaped

D. V-shaped

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  1. The cobweb model will divergent when the slope of:
  2. According to critics, the assumption of costless production is:
  3. Extension (expansion) and contraction of demand are result of:
  4. A loss bearing firm will continue to produce in the short run so long as the price at least covers:
  5. Who developed the concept of Representative Firm?
  6. If demand increased and supply decreased then:
  7. If Cobb-Douglas production function is homogeneous of degree greater than one (n>1), then it shows:
  8. In respect of which of the following category of goods is consumers surplus highest?
  9. The study of economics just in theoretical way is called:
  10. Any expansion in output by a firm in the short period will always reduce the:
  11. Elasticity of Substitution (s) is defined as:
  12. A firm considering what type of new plant to build is involved in a:
  13. The greater the percentage of income spent on a commodity:
  14. In cournot model, during the process of adjustment, the number of firms:
  15. The costs faced by the firm against variable factors are:
  16. If a straight line supply curve makes an intercept on the X-axis, the elasticity of supply is:
  17. If a commodity sold under monopoly is got free of cost, then MC will be:
  18. We get constant returns to scale when:
  19. When there is decrease in demand the demand curve:
  20. The average fixed cost (AFC) curve is asymptote to:
  21. The maximization of output subject to cost requires equilibrium at the:
  22. Which of the following is the work of A.C.Pigou?
  23. If a good is an inferior good then an increase in incomes of the consumers will:
  24. Law of Variable Proportions is regarding in:
  25. Total variable costs in equation form are:
  26. When the slope of a demand curve is infinite (also known as horizontal demand curve) then elasticity…
  27. When the income of consumer increases then budget line will:
  28. Under conditions of perfect competition, price in the long-run is equal to:
  29. One way the government can induce a monopolist to expand his output is by imposing:
  30. Plumbing and pipe-fitting require many of the same skills. If the wage paid to pipe-fitters increased…