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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.


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  1. A budget line shows:
  2. In the short-run, the competitive firm can maximize its profits (or minimize its losses) by:
  3. The situation of single buyer and single seller is called:
  4. The equilibrium conditions, MC = MR = AR = AC, will happen:
  5. The number of sellers in oligopoly are:
  6. If the commodity is inferior then the Income Effect (I.E) and the Substitution Effect (S.E):
  7. In 1890, Principles of Economics was written by:
  8. The Law of Equi-Marginal Utility refers to:
  9. If the commodity is inferior then:
  10. When total revenues equal to total opportunity cost then the firm will earn:
  11. The market demand shedule is determined by:
  12. If, at the prevailing price, more of a good is desired than is available for sale:
  13. If less is demanded at the same price or same quantity demanded at a lower price, it is a case of:
  14. In short-run, in monopolistic competition, a firm earns:
  15. The maximization of output subject to cost requires equilibrium at the:
  16. To attain maximum profits during short-run a firm should produce the output that will:
  17. Decrease in demand results in:
  18. Demand of a commodity is elastic when:
  19. The combination of labor and capital where the cost of a given output is minimized is known as:
  20. Competitors in monopolistic competition have full control over:
  21. The budget constraint equation of the firm is:
  22. Price discrimination is possible:
  23. The Lambda or Langrange Multiplier is a:
  24. In substitution effect, we:
  25. Law of Returns to Scale shows:
  26. If the demand for good is more elastic and government levied a tax per unit of output, the price per…
  27. Total utility:
  28. When income of the consumer increases then demand curve of an inferior good:
  29. MC = MR = AC = AR shows the long run equilibrium position of the:
  30. If the commodities X and Y are perfect substitutes then: