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4

In the case of two factor inputs which are neither perfectly complementary nor perfect substitutes, the iso-product curve will be:

A. A downward sloping straight line

B. A downward sloping curve

C. An upward rising curve

D. Right angled iso-quants

Correct Answer :

B. A downward sloping curve


Related Questions

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4

Average cost curve contains in it:

A. Normal profits

B. No normal profits

C. Sometimes normal profits and sometimes no normal profits

D. Super normal profits

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4

The right of individuals to control productive resources is known as:

A. Monopoly

B. Private property

C. Workable competition

D. Oligopoly

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4

The monopolist who is producing the same output from two (or more than two) plants is concerned with:

A. Single-plant monopolist

B. Multi-plant monopolist

C. Two-plant monopolist

D. Some-plant monopolist

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4

Airlines that try to lower fares in order to increase revenues believe that demand for airline services is:

A. Price elastic

B. Price inelastic

C. Income elastic

D. Income inelastic

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4

If a firm produces zero output in the short period then which statement is true?

A. Its total cost will be zero

B. Its variable cost will be positive

C. Its fixed cost will be positive

D. Its average cost will be zero

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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

When elasticity of demand is greater than one (e >1), then following the formula MR=P[1-1/e], the MR will:

A. Positive

B. Negative

C. Zero

D. None of the above

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4

In economist the term invisible hand is refers to:

A. Hand of God

B. Market self regulating system

C. Hands of invisible people

D. Regulations of government

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4

According to Chamberlin, the activity of a monopolistic competitive firm:

A. Get noticed by the rival firms

B. Get unnoticed by the rival firms

C. Get noticed by the employees of the rival firms

D. None of the above

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4

The optimum level of output in long run takes place where:

A. LAC = LMC

B. SAC = LMC

C. SAC =MC

D. SAC =LAC

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4

At a point above the middle of a straight line demand curve, elasticity of demand is:

A. Less than one

B. Equal to one

C. More than one

D. Equal to infinite

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4

Who wrote A Contribution to the Theory of Trade Cycle?

A. N.Kaldor

B. J.R.Hicks

C. A.C.Pigou

D. J.M.Keynes

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4

When the law of demand operates the demand curve:

A. Slopes downward

B. Slopes upward

C. Becomes horizontal

D. Becomes vertical

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4

A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand:

A. Increases

B. Decreases

C. Remains the same

D. Is zero

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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

The feasible part of the demand curve for the monopolist who is charging high price will be:

A. The elastic part of a demand curve

B. The inelastic part of a demand curve

C. The constant elastic part of the demand curve

D. None of the above

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4

Conditions of perfect competition ensure:

A. That each firm can influence the price

B. No single firm can influence the price

C. Any single firm can influence the supply condition in the market

D. Any single firm can influence both supply and price in the market

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4

Robbins definition of economics was criticised by:

A. Alfred Marshal

B. Adam Smith

C. J.B.Clark

D. Hicks, Longe and Durbin

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4

Compared to perfect competition, a monopolist will charge:

A. Charges a high price

B. Produce more output

C. Increase economic efficiency

D. None of the above

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4

Production function relates:

A. Cost to input

B. Wages to profits

C. Cost to output

D. Inputs to output

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4

Which of the following is not a feature of isoproduct curves?

A. Are downward sloping to the right

B. Show different input combination producing the same output

C. Intersect each other

D. Are convex to the origin

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4

In the case of a normal goods, the income effect:

A. Is always equal to the substitution effect

B. Completely offsets the substitution effect

C. Partially offsets the substitution effect

D. Reinforces the substitution effect

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4

If at the unchanged price, the demand for a commodity goes up, or the quantity demanded remains the same when its price goes up, it is called:

A. Contraction of demand

B. Decrease in demand

C. Increase in demand

D. Extension of demand

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4

Contraction of demand means:

A. Less quantity demanded at the same price

B. Less quantity demanded at a higher price

C. Less quantity demanded at a lower price

D. None of the above

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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

Some farm land can be used to produce either corn or soybeans. If the demand for corn increases then:

A. The demand for soybeans should increase

B. The supply of soybeans should increase

C. The demand for soybeans should decrease

D. The supply of soybeans should decrease

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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

In Bertrand model, the entry of new firms is:

A. banned

B. allowed

C. partially allowed

D. none of the above

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4

An increase in the supply of a commodity is caused by:

A. Improvements in its technology

B. Fall in the prices of other commodities

C. Fall in the prices of factors of production

D. All of the above

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4

In 1776, a famous book An enquiry into the nature and causes of the wealth of nation was written by:

A. J.S.Mill

B. Adam Smith

C. Robert Malthus

D. David Ricardo