Enter the new firms
Exit the new firms
Both a and b
None of the above
A. Enter the new firms
Bandwagon effects
Snob effects
Veblen effects
Steven effects
Tangent to the lowest isoquant
Tangent to the given isoquant
Above the given isoquant
Below the given isoquant
Lead to greater specialization
Offsets the effects of the law the law of comparative advantage
Lead to greater diversification of individual production
Cause firms to use more capital and less labor
Due to change in price while other factors remain constant
Due to change in factors other than price
Both a and b
None of the above
Quantity exchanged might rise or fall and price would rise
Quantity exchanged would rise and price would fall
Quantity exchanged would rise and price might rise or fall
Both quantities exchanged and price would rise
Adam Smith
Carl Menger
Ruskin
J.B.Say
Monetary units
Physical units
Relative units
Constant units
Freedom of entry and exit
Each seller is a price taker
Perfect information about prices
Heterogeneous products
Total production
Fixed production
Variable production
None of the above
The AVC curve
The AFC curve
The AC curve
The MC curve
Decreasing returns to scale
Constant returns to scale
Increasing returns to scale
maximum returns to scale
1756
1777
1776
1801
A and B are substitute goods
A and B are complementary goods
A is an inferior good
B is an inferior good
Competitors will follow a price increase but not a price cut
Competitors will follow a price increase as well as a price cut
Competitors will ignore both a price increase and a price cut
Competitors will ignore a price increase but will follow a price cut
Negative
Positive
Infinite
Negative infinite
Perfectly elastic
Elastic
Unitary elastic
Inelastic
Negatively sloped demand curve
Positively sloped demand curve
Horizontal demand curve
Vertical demand curve
The price of the commodity
The time period
The price of substitutes
Any of the above
Marginal cost curve
Average variable cost curve
Fixed cost curve
Average cost curve
More units
Less units
Same units
Zero units
One
Zero
Two
Five
Repeated games
Cooperative games
Non-cooperative games
Constant games
R-C
R>C
R=C
1/2 of the total market demand
1/4 of the total market demand
1/3 of the total market demand
None of the above
Negatively sloped
Positively sloped
Parallel to X-axis
None of the above
Cardinal approach
Ordinal approach
Consumer approach
Production approach
Classical economists
Keynes
Neo-classical economists
Karl Marx
Different prices
Similar prices
High prices
Low prices
Superior goods
Inferior goods
Identical goods
Differential goods