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Marginal utility means:

A. Utility derived from the last unit of production

B. Utility derived from the last unit of a commodity which is being consumed

C. Total utility- Average utility

D. None of the above

Correct Answer :

B. Utility derived from the last unit of a commodity which is being consumed


Related Questions

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Which one of the following has been the most influential work of F.H.Knight?

A. Freedom and Reform

B. The Green Revolution

C. Economic Integration

D. Risk ,Uncertainty and Profit

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The costs faced by the firm against variable factors are:

A. Variable costs

B. Fixed costs

C. Average costs

D. Marginal costs

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4

The equilibrium of a firm is determined by the equality of MC and MR in only:

A. Under perfect competition

B. Under monopoly

C. Under imperfect competition

D. Under all the above market forms

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Elasticity of supply means change in supply due to change in:

A. Price of the commodity

B. Conditions of supply

C. Taste of the consumer

D. Demand for the commodity

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Under perfect competition, a firm will be in equilibrium if:

A. MC = MR

B. MC cuts the MR from below

C. MC rises when it cuts the MR

D. All the above three conditions are fulfilled

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4

A fall in demand for the product under monopolistic competition will likely result in:

A. A fall in price

B. A decrease in the number of firms in the long-run

C. A decrease in the output of each firm

D. All of the above

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4

An exceptional demand curve is:

A. Downward sloping

B. Upward sloping

C. Horizontal straight line

D. Vertical straight line

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4

In case of perfect competition, TR curve rises at a:

A. Constant rate

B. Decreasing rate

C. Increasing rate

D. None of the above

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If the commodity is normal then price effect is:

A. Negative

B. Inverse

C. Positive

D. Both (a) and(b)

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At the shut-down point in perfect competition:

A. P = AVC

B. TR =TVC

C. The total losses of the firm equal TFC

D. All of the above

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In monopolistic competition, the aim of the firm is to:

A. Maximize output

B. Minimize output

C. Minimize cost

D. Maximize profit

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4

The concept of period refers to:

A. A specific duration of time

B. A varying duration of time

C. A duration of time which permits necessary adjustments

D. A period with calculated intervals

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If a firm produces zero output in the short period then which statement is true?

A. Its total cost will be zero

B. Its variable cost will be positive

C. Its fixed cost will be positive

D. Its average cost will be zero

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In case of monopoly, when total revenue is maximum:

A. MR is positive

B. MR falls

C. MR rises

D. MR is zero

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The costs faced by the firm against fixed factors are:

A. Total costs

B. Fixed costs

C. Variable costs

D. Marginal costs

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According to Marshal, the Law of Diminishing Marginal Utility:

A. Applies on both money and other commodities

B. Does not apply on money

C. Does not apply on bank money but applies on cash money

D. Applies on all the commodities except on money

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Who is the author of Trade Cycle ?

A. R.Nurkse

B. R.C.Mathews

C. W.A.Lewis

D. K.N.Raj

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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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Entry of new firms into a competitive market will shift the supply curve of the:

A. Firm to the left

B. Industry to the right

C. Firm to the right

D. Industry to the left

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Marginal Utility (MU) curve is always:

A. Rising

B. Falling

C. Parallel to X-axis

D. Parallel to Y-axis

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Cross-elasticity of demand or cross-price elasticity between two independent goods will be:

A. Negative

B. Positive

C. Infinite

D. Zero

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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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In the modern theory of costs, the level of production which the firm considers feasible is known as:

A. Input factor

B. Heavy factor

C. Output factor

D. Load factor

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Some economists refer to iso-product curves as:

A. Engels curve

B. Production indifference curve

C. Budget line

D. Ridge line

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If production increases under increasing returns to scale, the cost will:

A. Increase at decreasing rate

B. Increase at constant rate

C. Decrease at increasing rate

D. Increase at increasing rate

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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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If as a result of a decrease in price, total outlay (expenditures) on a commodity increases, its price-elasticity of demand is:

A. Perfectly elastic (infinitely elastic)

B. Relatively elastic (greater than one elasticity)

C. Unit elastic

D. Relatively inelastic (less than one elasticity)

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Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price:

A. Equal to one

B. Greater than one

C. Smaller than one

D. Zero

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Duopoly is a market where there are:

A. Two sellers

B. A few sellers

C. Five sellers

D. Many sellers

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The Law of Diminishing Marginal Returns can be explained in terms of:

A. Economies and diseconomies of production

B. Indivisibility of factors

C. Fixity of supply of land

D. Variable factor productivity