Led the Russian Revolution
Provided the theoretical basis for socialism(communism)
Developed his theory in response to the Great Depression of the 1930s
None of the above
B. Provided the theoretical basis for socialism(communism)
Costs per unit of output are lowest
Total profits are highest
Marginal cost is lowest
Profit per unit of output is zero
Due to change in price while other factors remain constant
Due to change in factors other than price
Both a and b
None of the above
Charge different prices, but produce identical outputs
Produce different outputs, but charge identical prices
Charge different prices, and produce different outputs
None of the above
The minimum points on all short-run AC curves
The lowest points on the short-run MC curve
The minimum points on the short run AVC curves
It has nothing to do with the short-run cost curves
Equal to one
Greater than one
Smaller than one
Zero
Zero elasticity
An elasticity greater than one
Unitary elasticity of supply
An elasticity less than one
Car
Salt
Tea
House
SACs
LACs
SMCs
LMCs
Perfectly elastic (infinitely elastic)
Relatively elastic (greater than one elasticity)
Unitary elastic
Relatively inelasticity (less than one elasticity)
The AVC curve
The AFC curve
The AC curve
The MC curve
A relative term
An economic term
A dynamic term
As a whole term
Income-expenditure relationship
Income-cost relationship
Income-price relationship
Income-quantity relationship
Price takers
Price setters
Price discriminators
None of the above
Become equal
Decrease
Become constant
Increase
Abnormal profits
Only normal profits
Neither profits nor losses
Profits and losses which are uncertain
Making a profit
Incurring a loss but should continue to produce in the short-run
Incurring a loss and should stop producing immediately
Making a normal profit
Production cost
Physical cost
Real cost
Opportunity cost
Wages of labor
Factor pricing
Theory of rent
Determination of the rate of interest
Product markets
Factor markets
Supply and demand
a, b and c
Lowest isoquant
Lowest isocost line
Highest isoquant
Highest isocost line
1910
1945
1900
1940
Vertical summation of individual demand curves
Upward summation of individual demand curves
Downward summation of individual demand curves
Horizontal summation of individual demand curves
Only one use
Many uses
Uses which cannot be postponed
Uses very essential for the consumer
Maximizes the minimum gain that can be earned
Maximizes the gain of one player, but minimizes the gain of the opponent
Minimizes the maximum gain that can be earned
None of the above
Be similar
Not be similar
Equal
None of the above
human welfare
national income
multiplicity of wants and scarcity of resources
theory of production
TR equals TC
The TR curve and the TC curve intersect such that TR and TC lie at the same point
The TR curve and the TC curve are parallel and TC exceeds TR
The TR curve and the TC curve are parallel and TR exceeds TC
The elastic part of a demand curve
The inelastic part of a demand curve
The constant elastic part of the demand curve
None of the above
Has to touch the long run cost curve
Has to cross the long run cost curve
Has to lie above all points on the long run cost curve
Coincides with the long run cost curve at some point