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In the real world, some competitive firms owns specialized resources that earn a return called:

A. Economic profit

B. Rent

C. Accounting profit

D. Normal profit

Correct Answer : B.


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  2. The firm is said to be in equilibrium when the difference between revenue and cost is:
  3. In case of monopoly, the slope of MR is:
  4. The word ECONOMICS is derived from the Greek terms meanings:
  5. Elasticity (E) expressed by the term, 8 >E>1, is:
  6. Identify the work of T.W.Schultz:
  7. Equilibrium of a discriminating monopolist requires the fulfillment of which one of the following conditions?
  8. The addition or increment to the total cost involvesd in expanding or contracting output by one unit…
  9. In collusive olligopoly, the firms may make:
  10. Who is the author of Choice of Technique?
  11. A market demand curve presumes that:
  12. In second degree price discrimination, monopolist takes away :
  13. Which is the correct statement?
  14. Price is measured in:
  15. On the total utility curve the economically relevant range is the portion over which:
  16. Gold is bought and sold in a:
  17. An increase in the price of the good measured on the horizontal axis causes:
  18. For monopolistic competitive firm:
  19. If two goods are perfect substitutes then IC will be:
  20. A profit-maximizing monopolist in two separate markets will:
  21. According to Marginalists, the price of any commodity is determined by:
  22. 7.In an economy based on the price system the decision on what shall be produced is made by:
  23. A vertical supply curve parallel to the price axis implies that the elasticity of supply is:
  24. Which one of the following has been the most influential work of F.H.Knight?
  25. If X and Y are close substitutes, a rise in the price of X will lead to:
  26. Law of Variable Proportions is regarding in:
  27. Profits of a firm will be calculated taking into account the units produced and the difference between:
  28. Stable cobweb model is a:
  29. An indifference curve slopes down towards right since more of one commodity and less of another result…
  30. In cournot model, during the process of adjustment, the number of firms: