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4

In Edgeworth model, prices oscillate between:

A. Firms and industry price

B. Monopoly and duopoly price

C. Competitive and monopoly price

D. None of the above

Correct Answer :

C. Competitive and monopoly price


Related Questions

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4

On a straight line demand curve, elasticity of demand at the midpoint is:

A. Equal to zero

B. Equal to one

C. Equal to infinity

D. More than one

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4

The Purchasing Power Parity (PPP) Theory is presented by:

A. J.M.Keynes

B. E.D.Domar

C. Adam Smith

D. Gustav Cassel

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4

Utility is a function of:

A. Price

B. Quantity

C. Supply

D. Demand

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4

Capital Saving Technological Progress can be defined as:

A. Technological progress that causes to raise the marginal product of capital and labor in the same proportion

B. Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor

C. Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital

D. None of the above

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4

Most of the supply curves with which the average consumer deals are:

A. Vertical

B. Horizontal

C. Controlled by the largest producers

D. Unaffected by inflation

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4

To calculate the elasticity of demand, which of the following formula is used?:

A. Percentage change in demand Original demand

B. Proportionate change in demand Proportionate change in price

C. Change in demand Change in price

D. None of the above

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4

The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:

A. It gets more expensive

B. A household consumes more of it

C. Preference changes

D. A households income goes up

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4

The ordinary demand curve is also called:

A. Marshallian demand curve

B. Hicksian demand curve

C. Slutsky demand curve

D. All the above

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4

Other things remaining the same, when a consumers income increases his equilibrium point moves to:

A. A lower indifference curve

B. A lower PPC curve

C. Remains on same indifference curve

D. A higher indifference curve

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4

According to Smith, by value we mean the value with respect to use, and the price we mean the value with respect to:

A. Production

B. Consumption

C. Exchange

D. Formation

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4

In market sharing cartel model, cartel determines the shares of:

A. the individuals

B. industry

C. firms

D. associations

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4

Money spent by a firm on the purchase of capital equipment is:

A. Fixed cost

B. Variable cost

C. Both fixed and variable costs

D. None of the above

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4

Neutral Technological Progress can be defined as:

A. Technological progress that causes to raise the marginal product of capital and labor in the same proportion

B. Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor

C. Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital

D. None of the above

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4

Marginal cost is always:

A. Less than the average cost

B. More than the average cost

C. Equal to the average cost at minimum point

D. Never equal to the average cost

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4

Human wants are:

A. Thousands

B. Few

C. Innumerable

D. Hundreds

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4

While buying two goods X and Y with unequal prices, to maximize total utility from his income, a consumer should get:

A. Equal MU from both commodities X and Y

B. More MU from commodity X than from commodity Y

C. More MU from commodity Y than from commodity X

D. Equal marginal utility from the last rupee spent on commodity X and commodity Y

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4

The general form of Cobb-Douglas production function is:

A.

B.

C.

D.

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4

The products, under monopolistic competition are differentiated, yet they are:

A. Complements

B. Close substitutes

C. Both a and b

D. None of the above

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4

A market-clearing price:

A. Is a disequilibrium price

B. Is an equilibrium price

C. Means a shortage exists as a market is cleared

D. Must be set by the government

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4

Each SAC represents a particular level of:

A. Input

B. Output

C. Both of them

D. None of them

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4

In perfect competition, the slope of the total revenue curve of a firm is equal to the:

A. Market price

B. AVC

C. TFC

D. AFC

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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 as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity of demand is:

A. Perfect elastic (infinitely elastic)

B. Relatively elastic (greater than one elasticity)

C. Unit elastic

D. Relatively inelastic (less than one elasticity)

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4

In economics, Externality means:

A. An externality is a cost or benefit which is not transmitted through prices

B. An externality is a cost or benefit which is transmitted through prices

C. An externality is a production received through external resources

D. None of the above

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4

The main objective of the firm is to:

A. Face losses

B. Avoid losses

C. Bear losses

D. Make economic decisions

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4

If as a result of a decrease in price, total outlay (expenditures) on a commodity increases, its price-elasticity of demand is:

A. Perfectly elastic (infinitely elastic)

B. Relatively elastic (greater than one elasticity)

C. Unit elastic

D. Relatively inelastic (less than one elasticity)

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4

The Lambda or Langrange Multiplier is a:

A. Analyst

B. Catalyst

C. Pessimist

D. Optimist

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4

The Input-Output Analysis was originated by:

A. W.W. Leontief

B. E.D.Domar

C. R.G.D.Allen

D. J.M.Keynes

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4

Chamberline introduces the concept of:

A. V-shaped selling cost

B. U-shaped selling cost

C. V-shaped purchasing material

D. U-shaped purchasing material

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4

The minimization of costs subject to output requires equilibrium at the lowest:

A. Isoquant line

B. Isocost line

C. Indifference curve

D. Price line