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In economic term water is a:

A. Free good

B. Economic good

C. Both of the above

D. None of the above

Correct Answer : A.


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  1. The equilibrium level of output for the pure monopolist is where:
  2. J.R.Hicks was:
  3. The study of economic theory for the sake of certain objective is called:
  4. If the demand curve is horizontal then its slope is:
  5. Chamberline introduces the concept of:
  6. Demand for a commodity is elastic when it has
  7. For the given production function, technical efficiency is defined as:
  8. In 1776, a famous book An enquiry into the nature and causes of the wealth of nation was written by:
  9. Cournot equilibrium is attained where two reaction curves:
  10. The factors of production in perfect competition are:
  11. When there is decrease in demand the demand curve:
  12. The Law of Equi-Marginal Utility states:
  13. Pure monopoly exists:
  14. When AC curve falls, MC curve falls:
  15. Under monopoly and imperfect competition MC is:
  16. In the immediate run:
  17. According to Chamberlin, the activity of a monopolistic competitive firm:
  18. The concept of industry in monopolistic competition has been replaced by:
  19. If the commodity is inferior then the Income Effect (I.E) and the Substitution Effect (S.E):
  20. On all points of budget (price) line:
  21. By reducing the prices of its products below those of its competitors, a perfectly competitive seller:
  22. One way the government can induce a monopolist to expand his output is by imposing:
  23. Under price discrimination, the buyers must:
  24. In joint-profit maximization cartel, the distribution of profit is:
  25. Price discrimination is possible:
  26. Indifference curve approach (ordinal approach) is superior to utility approach (cardinal approach) because:
  27. By increasing the price of its products above those of its competitors, a perfectly competitive seller:
  28. If price exceeds AVC but in smaller than AC at the best level of output, the firm is:
  29. Under monopolistic competition, in long-run there is:
  30. Under Bandwagon effects, people use those goods which are used by their: