It is given to a lot of criticism
It is too difficult to be explained
It is based on assumptions which are unreal
Economists do not agree on this
C. It is based on assumptions which are unreal
Is only a choice among the technologically efficient combination
Depends on the relative price of inputs
Depends on the price of the product
Depends on the profits made
L-shaped
U-shaped
V-shaped
Both a and b depending on situation
W.W. Leontief
E.D.Domar
R.G.D.Allen
J.M.Keynes
Law of production
The Law of Equi-Marginal Utility
The Law of Diminishing Marginal Utility
Law of Variable Proportions
That each firm can influence the price
No single firm can influence the price
Any single firm can influence the supply condition in the market
Any single firm can influence both supply and price in the market
Independence of firms
Interdependence of firms
Independence of individuals
Interdependence of materials
Every firm will earn economic profit
Every firm will incur losses
Every firm will earn only normal profit
The marginal firm will earn no profit
Market price
AVC
TFC
AFC
There is perfect information about prices
All participants in the market are small relative to the size of the overall market
There are many buyers and sellers
Buyers and sellers do not know each other
Straight line
Convex to origin
Concave to origin
Lshaped
Not different
Same
Not same
Zero
Only under monopoly situation
Under any market form
Only under monopolistic competition
Only under perfect competition
Zero (perfectly inelastic)
Equal to one (unitary elastic)
Infinite (perfectly elastic)
None of the above
In the long-run
In the short-run
For luxuries
In the immediate-run
Principle of diminishing returns
Economies and diseconomies of large scale production
Principle of constant return to scale
All of the above
By a same single curve
By three different curves
By downward sloping curve
None of the above
true
not true
reliable
deniable
Only one use
Many uses
Uses which cannot be postponed
Uses very essential for the consumer
V-shaped selling cost
U-shaped selling cost
V-shaped purchasing material
U-shaped purchasing material
R.Nurkse
N.Kaldor
S.kuznets
Alfred Marshal
Rise by the amount of the tax
Rise by more than the amount of the tax
Rise by less than the amount of the tax
Remain the same
Friends
Relatives
Family
All of them
A less than proportionate change in quantity demanded
A more than proportionate change in quantity demanded
The same proportionate change in quantity demanded
No change in quantity demanded
Freedom
Scarcity
Social class
Politics
Income rises
Income falls
Sales rises
Price falls
Supreme powers
Discretionary powers
Low powers
None of the above
dR/dQ + dC/dQ = 0
dR/dQ - dC/dQ = 0
dC/dQ - dR/dQ = 0
dR/dQ > dC/dQ > 0
Price
Quantity
Supply
Demand
Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)
Sets of points relating production function that produces less output than possible for a given set of input (labor) i.e. Q < f(L, K)
Use of imported technology
None of the above
Two goods
A few goods
One good
Many goods