Donot change
Change
Both a and b
None of the above
A. Donot change
Normal profits
Abnormal profits
No profits
All of the above
Can sell more
Reduces its revenues
Can sell nothing
Increases its revenues
Output is maximum
Profit is maximum
Revenues are maximum
Profit is minimum
important
materialized
accepted
rejected
The demand curve can be upward sloping
The price elasticity of demand could be zero
The price elasticity of demand could be greater than one
None of the above
Variety of uses for that commodity
Its low price
Close substitutes for that commodity
High proportion of the consumers income spent on it
Is equal to the substitution effect
More than offsets the substitution effect
Reinforces the substitution effect
Only partially offsets the substitution effect
ATC
AVC
AFC
None of the above
Consumers get better quality goods
Cost of production falls and hence price will follow
Goods will be sold in many markets
None of the above
S.Kuznets
H.Liebenstein
A.O.Hirshman
Alfred Marshal
Percentage change in quantity demanded of a commodity divided by percentage change in price of that commodity
Change in quantity demanded of a commodity divided by change in price of that commodity
Percentage change in price of a commodity divided by percentage change in quantity demanded of that commodity
None of that commodity
Classical approach
Keynesian approach
Neo-classical approach
Modern approach
More quantity demanded at a lower price
More quantity demanded at a higher price
More quantity demanded at the same price
None of the above
Applies on both money and other commodities
Does not apply on money
Does not apply on bank money but applies on cash money
Applies on all the commodities except on money
Social costs
Opportunity costs
Explicit costs
Implicit costs
He should be condemned
He may lose his respect from society
He should be punished
He should not be punished or even criticised
They must consume the same amounts of all goods
The wealthier one will have lower marginal utility for most goods
The wealthier one will have higher marginal utility for most goods
They will enjoy the same level of utility
Many goods
Few goods
Two goods
Three goods
Marshallian demand curve
Hicksian demand curve
Slutsky demand curve
All the above
Diminishes with increased consumption
Reflects the overall level of satisfaction of the consumer
Is directly related to the price the consumer is willing to pay for a good or service
Is independent of price changes
Guides most resource allocation decisions
Operates effectively only in the labor market
Operates effectively only in the market for capital
Is prevented from operating effectively
Negative
Positive
Infinite
Zero
Output cost
Output ratio
Input prices
Input ratio
The price falls and the demand also falls down
The price increases but demand falls down
The price increases the demand remains constant and when the price remains constant the demand goes up
The price remains constant but demand falls
Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)
Sets of points relating production function that produces less output than possible for a given set of input (labor) i.e. Q < f(L, K)
Use of imported technology
None of the above
The change in price
The change in supply
The percentage change in supply
The percentage change in price
Constant
Less elastic
More elastic
Perfectly elastic
Increase in demand for Y
Decrease in demand for Y
Decrease in demand for both X and Y
No change in demand for Y
Is considered to be negligible and thus ignored
Is considered to be vital for the calculation of total cost
Is charged along with the price of the commodity
None of the above
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None of the above