In ordinal approach we can separate the income effect from the substitution effect of a price change
In ordinal approach we can study the consumer behavior more closely
In ordinal approach the consumer is assumed more rational
In ordinal approach the consumer has more income
A. In ordinal approach we can separate the income effect from the substitution effect of a price change
Indifferent
Different
In equilibrium
Dominant
The demand for soybeans should increase
The supply of soybeans should increase
The demand for soybeans should decrease
The supply of soybeans should decrease
MP is negative
MP is infinite
MP is zero
None of the above
An axiom
A proposition
A hypothesis
A tested hypothesis
Positive Economics
Normative Economics
Micro Economics
Development Economics
Government
Consumer
Producer
Stock holder
Upward sloping
Downward sloping
Constant in slope
None of the above
Cournot model
Edgeworth model
Chamberline model
Sweezy model
The price at which the marginal unit sells
Total revenue sale of all units divided by volume of sales
Average revenue of total output average revenue of last unit
The change in total revenue resulting from the sale of one unit more of output
Total cost or total variable cost
Total explicit cost
Total fixed cost
Total implicit cost
One
Zero
Two
Five
Each additional unit of output will be more expensive to produce
Each additional unit of output will require increasing amount of inputs
Marginal product of the variable factor of production decreases as the quantity increases
All of the above
X.PX + Y.PY = 1
X.PX + Y.PY < 1
X.PX + Y.PY > 1
X.PX + Y.PY = 0
It gets more expensive
A household consumes more of it
Preference changes
A households income goes up
Economic complements
Economic substitutes
Economic inferiors
None of the above
price
output
both a and b
none of the above
Normal profits
No normal profits
Sometimes normal profits and sometimes no normal profits
Super normal profits
Equal to zero
Equal to one
Equal to infinity
More than one
Negative
Positive
Zero
Infinite
Rising
Falling
Parallel to X-axis
Parallel to Y-axis
N.Kaldor
J.R.Hicks
A.C.Pigou
J.M.Keynes
Multiplying the number of unit by its marginal utility
Adding up the marginal utility of all units
Multiplying price by number of units
None of the above
Operating under diminishing cost
Making optimum use of plant capacity
Operating at excess capacity
Operating under increasing costs
The supply curve will shift down or right
The supply curve will shift up or left
Both demand and supply curve shifts would occur
None of the above
Price demanded and price paid
Price quoted and price actually paid
Price that a consumer is willing to pay and the price actually paid
None of the above
J.P.Lewis
R.G.D.Allen
Paul A.Samuelson
E.D.Domar
Price of x = Price of z Price of y Price of x
MP of x = MP of y Price of x Price of x
MP of x = MP of y = MP of z Price of x Price of y Price of z
MP of x = MP of y = MP of z
Different prices are charged to different consumers for homogenous products
Same prices are charged for differentiated products
Different prices are charged for homogenous goods for successive units to the same customer
Any of the above condition is present
Utility effect
Budget line effect
Substitution effect
Income effect
E =1
E >1
E <1
E =0