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What is the correct answer?

4

In short run:

A. Labor is variable

B. Labor is fixed

C. Capital is variable

D. None of the above

Correct Answer :

A. Labor is variable


Related Questions

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4

Law of Returns to Scale shows:

A. Technical relationship between input of a variable factor and the resulting output

B. Any economic relationship between input and output

C. An output maximizing relationship

D. A relationship with input changing and corresponding changes in output

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4

The central problem of economics is:

A. Declining productivity

B. Increasing consumption

C. Limited material wants

D. Limited resources and unlimited wants

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4

If the marginal utility of apples to a consumer exceeds that of bananas then the consumer:

A. Is not in equilibrium

B. Will not buy any banana

C. Will buy some banana but less than he buys of apples

D. Is willing to pay more for apples than bananas

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4

An indifferent curve shows:

A. That how many utils are obtained from consuming different bundles of commodities

B. Different collections of two commodities the consumer considers to be of equal value

C. That if price increases there will be an increases in demand

D. None of the above

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4

The slope of budget line shows the price ratios of:

A. Many goods

B. Few goods

C. Two goods

D. Three goods

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4

In cournot model, firms make decisions separately regarding:

A. output

B. input

C. price

D. advertisement

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4

The concept of industry in monopolistic competition has been replaced by:

A. Firm

B. Product group

C. Producers

D. Shopkeepers

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4

The general form of Cobb-Douglas production function is:

A.

B.

C.

D.

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4

Quantity demanded or supplied is measured in:

A. Monetary units

B. Physical units

C. Relative units

D. Constant units

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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

The game theory takes into consideration:

A. Reaction of rival firms

B. Reactions of people

C. No reaction of rival firms

D. None of the above

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4

The Hicksian indirect utility function in the form of equation is:

A. x =f(P)

B. x =a-bp

C.

D.

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4

The games which played by players again and again are called:

A. Repeated games

B. Cooperative games

C. Non-cooperative games

D. Constant games

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4

If a commodity sold under monopoly is got free of cost, then MC will be:

A. Zero

B. Identical with the MR

C. A horizontal straight line

D. Infinite

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4

Ceteris paribus clause in the law of demand means:

A. The price of substitute does not change

B. The taste of the consumer does not change

C. The income of the consumer does not change

D. All of the above

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4

The long run total cost is attained by:

A. LMC.Q

B. AC.Q

C. LC.Q

D. LAC.Q

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4

An effective price ceiling usually results in:

A. Excess demand

B. Qd > Qs

C. Shortage of supply

D. All of the above

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4

One common definition of a luxury good is a good with income elasticity:

A. Greater than one

B. Equal to one

C. Less than one but more than zero

D. None of the above

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4

Cross-demand curve shows:

A. The effect of a change in price of X on its demand

B. The effect of a change in price of X on the demand for Y

C. The effect of a change in price of Y on its demand

D. None of the above

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4

If the price of a product falls which of the following would occur?

A. Indifference curves shift down

B. Budget line shifts down

C. Indifference curve shift up

D. Budget line pivots

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4

Consumers Surplus can also be defined as:

A. Extra price benefits

B. Shortage of quantity

C. Surplus of quantity

D. Difference between actual price and potential price

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4

Cournot equilibrium is attained where two reaction curves:

A. Repel each other

B. Represent each other

C. Intersect each other

D. None of the above

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4

Production function shows:

A. Technical relationship between inputs and output

B. Profitability production

C. Relation between MR and MC

D. Relation between AR and AC

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4

Any expansion in output by a firm in the short period will always reduce the:

A. Average variable cost

B. Average fixed cost

C. Both average fixed and variable cost

D. None of the above

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4

Extension (expansion) and contraction of demand are result of:

A. Change in consumers income

B. Change in consumers tastes

C. Change in price

D. None of the above

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4

Some economists refer to iso-product curves as:

A. Engels curve

B. Production indifference curve

C. Budget line

D. Ridge line

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4

According to Leontief technology, there:

A. Is only one technique of production

B. Are few techniques of production

C. Are many techniques of production

D. Are two techniques of production

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4

The equilibrium of a firm is determined by the equality of MC and MR in only:

A. Under perfect competition

B. Under monopoly

C. Under imperfect competition

D. Under all the above market forms

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4

If two goods are perfect substitutes then IC will be:

A. Concave to the origin

B. Convex to the origin

C. Positively sloped

D. Negatively sloped

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4

In dominant strategies I am doing the best, I can no matter:

A. What you do

B. What you are doing

C. What you not do

D. None of them