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Law of Substitution in production was presented by:

A. Classical economists

B. Keynes

C. Neo-classical economists

D. Karl Marx

Correct Answer : A.


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  1. Which of the following is an implicit cost of production?
  2. The relationship between AC and MC curves depend upon the behavior of:
  3. MRSxy measures:
  4. Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity…
  5. In monopolistic competition, the firms have to face:
  6. Which is not an essential feature of a socialist economy?
  7. In perfect cartel, the:
  8. The indifference curve technique:
  9. In Prisoners Dillemma, the players are:
  10. In Revealed Preference Theory, Samuelson proves P.E = S.E + I.E :
  11. Who is the author of Choice of Technique?
  12. Duopoly is a market where there are:
  13. After reaching the saturation point consumption of additional units of the commodity cause:
  14. A profit-maximizing monopolist in two separate markets will:
  15. When sales tax is imposed on monopolist, its:
  16. In discriminating monopoly (price discrimination), the elasticity of demand of product in two markets…
  17. Indifference curves reflect:
  18. When the law of demand operates the demand curve:
  19. In case of income effect, the level of consumers satisfaction rises when:
  20. Increasing returns is not caused by:
  21. In which case the elasticity shown by the different points of a curve is the same?
  22. The ordinal approach was presented by:
  23. Of the following, which one is a characteristic of monopolistic competition?
  24. To calculate the Economic Profit we must deduct which of the following cost from our total revenues?
  25. In Nash Equilibrium:
  26. At the point where a straight line demand curve meets the quantity axis (x-axis), elasticity of demand…
  27. If the commodity is normal then the Income Effect (I.E) and the Substitution Effect (S.E):
  28. The number of firms in monopolistic competition normally range between:
  29. If the commodity is normal then price effect is:
  30. General equilibrium is concerned with simultaneous equilibrium of: