Marginal utility means:
Utility derived from the last unit of production
Utility derived from the last unit of a commodity which is being consumed
Total utility- Average utility
None of the above
- According to Marginalists, the price of any commodity is determined by:
- A monopolist is able to maximize his profit when:
- If the production increases under decreasing returns to scale, the cost will:
- In 1776, a famous book An enquiry into the nature and causes of the wealth of nation was written by:
- A good tends to have relatively inelastic demand, if:
- In sweezy model (kinked demand curve model), the role of MC curve:
- In measuring price-elasticity:
- Average cost curve contains in it:
- Demand of a commodity is elastic when:
- The marshallian indirect utility function in the form of equation is:
- Cross-elasticity of demand is measured as:
- Identify the economist who first developed the theory of income determination in its modern form:
- The concept of product differentiation was firstly introduced by:
- The standard form of demand function is:
- The line from the origin to a point on an isoquant shows:
- If two goods are complements then indifference curve (IC) will be:
- Under perfect competition, at equilibrium, marginal cost is:
- If price exceeds AVC but in smaller than AC at the best level of output, the firm is:
- According to Diamond Water Paradox diamonds are more expensive than water because:
- An individual consumers demand is not determined by:
- Of the following commodities, which has the lowest price-elasticity of demand?
- Demand for a commodity is elastic when it has
- A high value of cross-elasticity indicates that the two commodities are:
- Marginal Productivity Theory deals with the theory of:
- In the immediate run:
- Conditions of perfect competition ensure:
- The law of variable proportions comes into being when:
- Marginal utility is only meant for:
- Dumping is international discriminating:
- Change in quantity demanded (expansion and contraction of demand) is: