Of the last unit of production
Of marginal unit
Of marginal efficient units
Of the average units of production
A. Of the last unit of production
Supreme powers
Discretionary powers
Low powers
None of the above
Positive
Negative
Neutral
Infinite
Restrict output to increase price
Produce where MC > P
Create a gap b/w quantity demanded and supplied
None of the above
Wage of self-employed proprietor
Depreciation on machinery
Returns on owned capital
Cost of raw materials
Greater than one
Less than one
Zero
Equal to one
Price increases and demand decreases
Price increases but demand also increases
Price remains constant but demand falls down
Price falls down but demand remains constant
Indifferent
Different
In equilibrium
Dominant
Cannot make price adjustments
Can make price adjustments
Can adjust number of customers
None of the above
Can be added
Can be subtracted
Can be multiplied
Can be divided
Income effect(I.E)
Substitution effect(S.E)
Taste effect
Both a and b
Technology
Number of buyers in the market
Consumer income
Household tastes
Perfectly elastic (infinitely elastic)
Relatively elastic (greater than one elasticity)
Unit elastic
Relatively inelastic (less than one elasticity)
P = AC
P = MC
AC = MC
MC = TR
Zero
Infinity
Unity
More than unity
Alfred Marshal
Adam Smith
Karl Marx
George Stigler
An externality is a cost or benefit which is not transmitted through prices
An externality is a cost or benefit which is transmitted through prices
An externality is a production received through external resources
None of the above
More than AC curve
Less than AC curve
Equal to AC curve
None of the above
More elastic
Less elastic
Unit elastic
Zero elastic
Positive
Unitary
Negative
Infinite
Increasing returns to scale
Decreasing returns to scale
Constant returns to scale
Variable returns to scale
Irving Fisher
J.B.Clark
J.M.Keynes
Gunnar Myrdal
Is a disequilibrium price
Is an equilibrium price
Means a shortage exists as a market is cleared
Must be set by the government
The price of their product
Product quality
The shape of the market demand curve
The elasticity of product substitution
At the left of its lowest point
At its lowest point
At the right of its lowest point
None of the above
Product costs
Real costs
Menu costs
Nominal costs
Total profit
Average profit
Net profit
Marginal profit
Firms and industry price
Monopoly and duopoly price
Competitive and monopoly price
None of the above
Modern and traditional industries
Public and private sectors
Foreign and domestic investments
Commercial and subsistence farming
Helps in separating the income effect and the substitution effect
Does not help in separating the two effects
Mixed up the two effects
None of the above
The price of complements
The price of substitutes
The market demand for commodities
The individuals scale of performances