Product similarity
Product differentiations
Product inferiority
None of the above
B. Product differentiations
The elastic part of a demand curve
The inelastic part of a demand curve
The constant elastic part of the demand curve
None of the above
More than the price
Less than the price
Equal to the price
Less than or equal to the price
Making a profit
Incurring a loss but should continue to produce in the short-run
Incurring a loss and should stop producing immediately
Making a normal profit
Different
Same
Zero
None of the above
The AVC curve
The AFC curve
The AC curve
The MC curve
Helps in separating the income effect and the substitution effect
Does not help in separating the two effects
Mixed up the two effects
None of the above
Aggregates of the economy
Few units of the economy
Large units of the economy
Individual units of the economy
TC = TR and MC = MR
Firms operate at a minimum average total cost
There is no incentive for entry or exit of firms
All these conditions exist
Cardinal approach
Ordinal approach
Consumer approach
Production approach
Weak orderings
Neutral orderings
Partial orderings
Strong orderings
Perfectly elastic (infinitely elastic)
Relatively elastic (greater than one elasticity)
Unit elastic
Relatively inelastic (less than one elasticity)
Can be ignored
Cannot be ignored
Partially be ignored
None of the above
R.Nurkse
N.Kaldor
S.kuznets
Alfred Marshal
Ranked
Consumed
Expressed in numbers
Cannot be expressed in numbers
Freedom
Scarcity
Social class
Politics
Fully spent
Half spent
Partially spent
Nearly spent
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
A downward sloping straight line
A downward sloping curve
An upward rising curve
Right angled iso-quants
Each additional unit of output will be more expensive to produce
Each additional unit of output will require increasing amount of inputs
Marginal product of the variable factor of production decreases as the quantity increases
All of the above
Greater than one
Equal to one
Less than one but more than zero
None of the above
Thousands
Few
Innumerable
Hundreds
Where marginal cost is minimum
Where average cost is minimum
Where both the marginal and the average cost curves are at their respective minimum
Where the firm earns the maximum profits
They involve dominant strategies
They involves constant-sum games
Once the strategies are chosen, no player has an incentive to deviate unilaterally from them
None of the above
Instable equilibrium
Stable equilibrium
Constant equilibrium
Fluctuating equilibrium
Collusive oligopoly
Non-collusive oligopoly
Cartel
Perfect competition
Choices
Preferences
Both a and b
None of the above
The real income of consumer falls
The real income of consumer rises
The real income of a consumer remains constant
The real income of consumer becomes zero
Q.L
Q- L
Q+ L
Q/L
LMC.Q
AC.Q
LC.Q
LAC.Q
The consumers real income has increased
The consumers real income has decreased
The product is now relatively less expensive than before
Other products are now less expensive than before