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4

In terms of price, the indirect utility function may be:

A. Concave

B. Quasi-convex

C. Straight line

D. Convex

Correct Answer :

B. Quasi-convex


Related Questions

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4

The firm producing at the minimum point of the AC curve is said to be:

A. Operating under diminishing cost

B. Making optimum use of plant capacity

C. Operating at excess capacity

D. Operating under increasing costs

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4

Which of the following is the work of A.C.Pigou?

A. Economics of Welfare

B. Commerce and Trade

C. Industrial Economics

D. None of the above

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4

Economics define technology as:

A. Societys knowledge of production

B. Applied science

C. Knowledge of science and mathematics

D. None of the above

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4

The number of sellers in duopoly is:

A. A few

B. Four

C. Two

D. Very large

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4

If Cobb-Douglas production function is homogeneous of degree less than one (n<1), then it shows:

A. Constant returns to scale

B. Increasing returns to scale

C. Decreasing returns to scale

D. None of the above

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4

The law of variable proportions comes into being when:

A. All factors are variable

B. There is a fixed factor and variable factor

C. All factors are non-variable

D. None of the above

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4

Identify the economist who first developed the theory of income determination in its modern form:

A. Paul A.Samuelson

B. J.M.Keynes

C. Joan Robinson

D. Dr.mehboob ul Haq

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4

With firms having cost differences under perfect competition, a firm, which earns normal profit in the long-run is called:

A. An optimum firm

B. A representative firm

C. An oxford firm

D. A marginal firm

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4

Kinked Demand Curve is consistent with which one of the following market situations?

A. Pure competition

B. Pure monopoly

C. Oligopoly

D. Monopolistic competition

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4

The cost that a firm incurs in purchasing or hiring any factor of production is referred to as:

A. Explicit cost

B. Implicit cost

C. Variable cost

D. Fixed cost

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4

Total Utility (TU) curve:

A. Always rises

B. Always falls

C. First falls and then rises

D. First rises and then falls

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4

In Edgeworth model, if price falls below competitive price, the demand is:

A. More than maximum output

B. More than minimum output

C. Less than maximum output

D. Less than minimum output

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4

If a straight line supply curve makes an intercept on the Y-axis, elasticity of supply is:

A. Equal to unity

B. Less than unity

C. More than unity

D. Zero

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4

In Edgeworth model, price remains:

A. Constant

B. On increasing

C. Independent

D. Indeterminate

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4

Under Bandwagon effects, people use those goods which are used by their:

A. Friends

B. Relatives

C. Family

D. All of them

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4

Which of the following is not a characteristic of a perfectly competitive market?

A. There is perfect information about prices

B. All participants in the market are small relative to the size of the overall market

C. There are many buyers and sellers

D. Buyers and sellers do not know each other

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4

Demand for a commodity is elastic when it has

A. Only one use

B. Many uses

C. Uses which cannot be postponed

D. Uses very essential for the consumer

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4

Cross-elasticity of demand or cross-price elasticity between two independent goods will be:

A. Negative

B. Positive

C. Infinite

D. Zero

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4

In case of monopoly, TR curve rises at a:

A. Constant rate

B. Decreasing rate

C. Increasing rate

D. None of the above

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4

The main contribution of Adam Smith is in the field of:

A. Economics of state

B. Wealth of Nations

C. Value and price

D. Theory of demand

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4

If a straight line supply curve makes an intercept on the X-axis, the elasticity of supply is:

A. Equal to unity

B. Less than unity

C. More than unity

D. Zero

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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

Contracts made by firms in cooperative games are:

A. Biased

B. Binding

C. Not binding

D. Conditional

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4

The marginal revenue of a perfectly competitive firm is:

A. Equal to the prices of its products

B. Positively related to output

C. Negatively related to output

D. Always higher than marginal cost

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4

Price elasticity of demand is best defines as:

A. Change in the tastes of consumers at different prices

B. The rate of response of demand to a change in supply

C. The change in costs when output is increased by one unit

D. The responsiveness of demand to a change in price

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4

In perfect cartel, the:

A. Perfect competition price is charged

B. Monopoly price is charged

C. Monopoly price is not charged

D. None of the above

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4

The demand of the necessities is:

A. More elastic

B. Less elastic

C. Unit elastic

D. Zero elastic

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4

Identify the author of The Affluent Society?

A. Gunnar Myrdal

B. N.Kaldor

C. A.C.Pigou

D. J.K.Galbraith

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4

If X and Y are close substitutes, a fall in price of X will lead to:

A. Increase in demand for Y

B. Decrease in demand for Y

C. Increase in demand for both X and Y

D. Increase in demand for Y

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4

In the range of excess capacity, the average costs are:

A. Maximum

B. Minimum

C. Equal to one

D. Equal to zero