Cardinal approach
Ordinal approach
Consumer approach
Production approach
A. Cardinal approach
Input
Output
Both of them
None of them
Technological progress shifts the production function by allowing the firm to achieve more output from a given combination of inputs (or the same output with fewer inputs)
Technological progress shifts the production function by allowing the firm to achieve less output from a given combination of inputs (or the same output with more inputs)
Technological progress shifts the import function to the right
None of the above
Decreasing returns to scale
Constant returns to scale
Increasing returns to scale
maximum returns to scale
Increases
Decreases
Remains constant
Becomes zero
Two points on demand curve
Two points on supply curve
Many points on demand curve
Many points on demand curve
Indifferent
Different
In equilibrium
Dominant
Made by agency
Not made by agency
Made by people
None of the above
Decreases
Increases
Remains constant
Zero
David Ricardo
Adam Smith
T.R.Malthus
J.S.Mill
Monopoly
Perfect competition
Monopolistic competition
Oligopoly
The curve representing the cost per unit of output
The demand curve of consumers for the firms product
Total receipts realized by the firm
All of the above
Cardinal approach
Ordinal approach
Consumer approach
Production approach
Adam Smith
Prof.Pigno
Prof. Robbins
J.B.Clark
A function of price alone
A result of change in tastes
A result of increase in the size of the family
None of the above
Ed = AR/ (AR- MR)
Ed = MR/ (AR-MR)
Ed = AR/(MR-AR)
Ed = AR/ MR
Monopolistic competition
Imperfect competition
Monopoly
Perfect competition
The MU/P ratio has decreased
Of the income and substitution effects
Consumers tend to feel poorer when prices fall
When price falls the demand curve shifts right
The AVC curve
The AFC curve
The AC curve
The MC curve
Freedom of entry and exit
Each seller is a price taker
Perfect information about prices
Heterogeneous products
Imperfect substitutes
Perfect substitutes
Complements
None of the above
The substitution effect is more certain
The income effect is more certain
The substitution effect is uncertain
The income effect is always positive
A and B are substitute goods
A and B are complementary goods
A is an inferior good
B is an inferior good
More elastic
Less elastic
Unit elastic
Zero elastic
Charge the same price in both markets
Always charge a higher price in the market where he sells more
Always charge a higher price in the market where he sells less
Adjust his sales in the two markets so that his marginal revenue in each market just equals his aggregate marginal cost
Average revenue curve lies above the marginal revenue curve
Average revenue curve coincides with the marginal revenue curve
Average revenue curve lies below the marginal revenue curve
Average revenue curve is parallel to the marginal revenue curve
Technical relationship between input of a variable factor and the resulting output
Any economic relationship between input and output
An output maximizing relationship
A relationship with input changing and corresponding changes in output
Bandwagon effects
Snob effects
Veblen effects
Steven effects
J.M.Keynes
E.D.Domar
Adam Smith
Gustav Cassel
Normal profits
Abnormal profits
Differential profits
No profits