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4

Marginal revenue from a given output:

A. The price at which the marginal unit sells

B. Total revenue sale of all units divided by volume of sales

C. Average revenue of total output average revenue of last unit

D. The change in total revenue resulting from the sale of one unit more of output

Correct Answer :

D. The change in total revenue resulting from the sale of one unit more of output


Related Questions

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4

Total profits are maximized at the point where:

A. TR equals TC

B. The TR curve and the TC curve intersect such that TR and TC lie at the same point

C. The TR curve and the TC curve are parallel and TC exceeds TR

D. The TR curve and the TC curve are parallel and TR exceeds TC

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4

Rational economic behavior on the part of the consumer means that he will:

A. Save as much of his income as possible

B. Spend as much of his income as possible

C. Buy everything at the lowest possible price

D. Make wise choices among available economic goods

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4

Increase in demand occurs when:

A. The price falls and the demand also falls down

B. The price increases but demand falls down

C. The price increases the demand remains constant and when the price remains constant the demand goes up

D. The price remains constant but demand falls

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4

In joint-profit maximization cartel, the distribution of profit is:

A. Made by agency

B. Not made by agency

C. Made by people

D. None of the above

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4

In the case of a giffen good, the income effect:

A. Is equal to the substitution effect

B. More than offsets the substitution effect

C. Reinforces the substitution effect

D. Only partially offsets the substitution effect

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4

A demand curve which is horizontal and parallel to x-axis represents:

A. Infinitely elastic demand

B. Infinitely inelastic demand

C. Relatively elastic demand

D. Relatively inelastic demand

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4

Price mechanism has also given the name:

A. Labor theory

B. Production theory

C. Laisseze-faire

D. None of the above

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4

In case of budget line, we get pairs of two goods where consumers income is:

A. Fully spent

B. Half spent

C. Partially spent

D. Correctly spent

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4

Human wants are:

A. Thousands

B. Few

C. Innumerable

D. Hundreds

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4

The coefficient of the price elasticity of demand is computed as the absolute value of the percentage change in quantity demanded divided by:

A. The change in price

B. The change in supply

C. The percentage change in supply

D. The percentage change in price

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4

Which of the following is assumed to be constant when a supply curve is drawn:

A. Technology

B. Number of buyers in the market

C. Consumer income

D. Household tastes

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4

Total costs are:

A. TFC TVC

B. TFC/TVC

C. TVC/TFC

D. TFC +TVC

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4

The point on which the average cost is minimum in a firm, short run average cost curve will also be the minimum cost point on the firms long-run average cost curve. This is true:

A. Always

B. Never

C. When LAC is falling

D. Only at that level of output when LAC is at its minimum

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4

Each SAC represents a particular level of:

A. Input

B. Output

C. Both of them

D. None of them

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4

If a new production technology for producing compact discs is developed and new firms are attracted to this field:

A. The supply curve will shift down or right

B. The supply curve will shift up or left

C. Both demand and supply curve shifts would occur

D. None of the above

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4

Elasticity (E) expressed by the term, 8 >E>1, is:

A. Perfectly elastic (infinitely elastic)

B. Relatively elastic (greater than one elasticity)

C. Unitary elastic

D. Relatively inelasticity (less than one elasticity)

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4

In sweezy model (kinked demand curve model), the overall increase in costs of production:

A. Do not effect equilibrium

B. Affect equilibrium

C. Both a and b

D. None of the above

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4

If the demand curve remains unchanged and supply increases, the price will:

A. Rise

B. Fall

C. Remain the same

D. None of the above

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4

Elasticity (E) expressed by the term, 1>E>0, is:

A. Perfectly elastic

B. Relatively elastic

C. Unitary elastic

D. Relatively inelastic

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4

In case of giffin good, price effect is:

A. Positive

B. Negative

C. Neutral

D. Infinite

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4

Diseconomies of management lead to:

A. Decreasing returns to scale

B. Constant returns to scale

C. Increasing returns to scale

D. maximum returns to scale

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4

Income -elasticity of demand will be zero when a given change in income brings about:

A. A less than proportionate change in quantity demanded

B. A more than proportionate change in quantity demanded

C. The same proportionate change in quantity demanded

D. No change in quantity demanded

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4

Which of the following models are associated with non-collusive oligopoly?

A. Bertrand model

B. Chamberlin model

C. Kinked demand model (Sweezy Model)

D. All of the above

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4

Equilibrium of a discriminating monopolist requires the fulfillment of which one of the following conditions?

A. It must be profitable to him to sell output in more than one market

B. Marginal revenue in both markets must be the same

C. Marginal revenue in both markets must also be equal to the marginal cost of producing the monopolists aggregate output

D. All the above

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4

Short run cost curves are influenced by:

A. Principle of returns to scale

B. Law of variable proportions

C. External and internal economies and diseconomies

D. None of the above

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4

In Nash equilibrium, a player:

A. Deviates from his strategy

B. Does not deviate from his strategy

C. Does not think in a good way

D. None of the above

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4

In arriving at stable equilibrium in cournot model, if one firm decreases output the other firm will:

A. Also decrease it

B. Increase it

C. Remain uneffected

D. None of the above

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4

If demand increased and supply decreased then:

A. Quantity exchanged might rise or fall and price would rise

B. Quantity exchanged would rise and price would fall

C. Quantity exchanged would rise and price might rise or fall

D. Both quantities exchanged and price would rise

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4

The ordinary demand curve is also called:

A. Marshallian demand curve

B. Hicksian demand curve

C. Slutsky demand curve

D. All the above

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4

The elasticity of demand is equal to slope of demand function divided by:

A. Average demand function

B. Qualified demand function

C. Constructive demand function

D. Relative demand function