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Liquidity of Preference Theory was introduced by:

A. Alfred Marshal

B. Lord Keynes

C. Karl Marx

D. Prof. Robbins

Correct Answer : B.


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  1. When the demand curve is rectangular hyperbola, it represents:
  2. In long run, a firm can change:
  3. Opportunity costs are also known as:
  4. The slope of budget line shows the price ratios of:
  5. Marginal cost is the cost:
  6. The budget constraint can be written as:
  7. A loss bearing firm will continue to produce in the short run so long as the price at least covers:
  8. If the demand curve is horizontal then its slope is:
  9. When the slope of a demand curve is infinite (also known as horizontal demand curve) then elasticity…
  10. The cost of one thing in terms of the alternative given up is known as:
  11. Given a U shaped average cost curve, the relationship between average cost and marginal cost is such…
  12. Contracts made by firms in cooperative games are:
  13. The proportional demand curve in monopolistic competition (also in kinked demand curve model), is like…
  14. If a straight line supply curve passes through the point of origin O, the elasticity of supply is:
  15. According to Saint Thomas Aquinas value is determined by God, but prices by:
  16. According to Chamberlin, the activity of a monopolistic competitive firm:
  17. In Edgeworth model, price remains:
  18. If the demand curve remains unchanged and supply increases, the price will:
  19. Which of the following theories of trade cycle was presented by William Jevons?
  20. In the case where two commodities are good substitutes then cross elasticity will be:
  21. The spending of money by the producer to influence consumers is an example of:
  22. An increase in the price of the good measured on the horizontal axis causes:
  23. If as a result of a decrease in price, total outlay (expenditures) on a commodity increases, its price-elasticity…
  24. The situation of single buyer and single seller is called:
  25. If demand increased and supply decreased then:
  26. With the decrease in marginal valuation of a specific commodity, the price offered by the people:
  27. Classical production function is:
  28. Using total revenue and total cost, a profit maximizing firm will be equilibrium at a point:
  29. The firm is at equilibrium where:
  30. Income effect operates through an increase