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Least cost combination of two factor inputs is achieved at a point where:

A. Budget line cuts the isoquant

B. Budget line is below the isoquant

C. Budget line is tangent with isoquant

D. None of the above

Correct Answer : C.


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  2. The demand curve slopes downwards due to:
  3. A typical demand curve cannot be:
  4. The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:
  5. The equilibrium conditions, MC = MR = AR = AC, will happen:
  6. The Law of Equi-Marginal Utility refers to:
  7. Variable cost includes the cost of:
  8. Nash equilibrium says:
  9. In constant sum game (zero sum game), if there are two parties then:
  10. Under which of the following forms of the market structure does a firm have no control over the price…
  11. A firm is a sum of persons who convert:
  12. All money costs can be regarded as:
  13. Under price discrimination, the buyers must:
  14. The partial equilibrium model keeps other things:
  15. The cobweb model will convergent when the slope of:
  16. Normally when price per unit of time falls:
  17. Marginal revenue from a given output:
  18. An inferior good/ commodity is inferior for:
  19. Selling costs are incurred under monopolistic competition to:
  20. Total utility:
  21. In the real world, some competitive firms owns specialized resources that earn a return called:
  22. On a straight line demand curve, elasticity of demand at the midpoint is:
  23. Indifference curve approach (ordinal approach) is superior to utility approach (cardinal approach) because:
  24. The standard form of demand function is:
  25. Supply and demand changes have their most rapid impact in:
  26. Demand of a commodity is elastic when:
  27. In case of budget line, we get pairs of two goods where consumers income is:
  28. Production function shows:
  29. The production function can convey to a firm:
  30. A budget line shows: