Necessary condition for consumer equilibrium is:
Correct Answer :
A.
Related Questions
When elasticity of demand is less than one (e<1), then following the formula MR=P[1-1/e], the MR will:
Positive
Negative
Zero
None of the above
If the slope of the isoquant is equal to the slope of isocost, then isoquant is:
Concave to the origin
Convex to the origin
Tangent to the origin
None of the above
Compared to perfect competition, a monopolist will charge:
Charges a high price
Produce more output
Increase economic efficiency
None of the above
In case the two commodities are complements, cross elasticity will be:
Positive
Unitary
Negative
Infinite
In the case where two commodities are good substitutes then cross elasticity will be:
Positive
Unitary
Negative
Infinite
Which is not a central problem of an economy?
What to produce
How to produce
How to maximize private profit
For whom to produce
Pure monopoly exists:
When there is a single producer
When there is a single producer without any close substitute
When there is a single producer with close substitutes
When a few producers control the industry
Which is not an essential feature of a socialist economy?
Social ownership of the means of production
Freedom of enterprise
Use of centralized planning
Government decisions
Consumers Surplus can also be defined as:
Extra price benefits
Shortage of quantity
Surplus of quantity
Difference between actual price and potential price
Cross-elasticity of demand or cross-price elasticity between two complements will be:
Negative
Positive
Infinite
Zero
Supply curves are most elastic:
In the long-run
In the short-run
For luxuries
In the immediate-run
Which of the following formula determine the income elasticity of demand?:
Proportionate change in demand Proportionate change in price
Proportional change in the purchase of Y Proportional change in the price of X
Proportionate change in demand Proportionate change in income
Proportionate change in demand Proportionate change in price
The Hicksian demand curve includes:
Substitution effect
Income effect
Both substitution and income effect
None of them
According to Chamberline, in monopolistic competition, differentiation is determined by:
Choices
Preferences
Both a and b
None of the above
According to Marginalists, the price of any commodity is determined by:
Marginal usefulness
Marginal cost
Both of them
None of them
Normal profits are considered as:
Explicit costs
Implicit costs
Social costs
Private cost
Law of Variable Proportions is regarding in:
Short-Run
Long-Run
Medium-Run
None of the above
Under monopolistic competition, the products sold by the firms are:
Economic substitutes
Technical substitutes
Both a and b
None of the above
If the price of product increases and in the result the demand for product B also increases then:
A and B are substitute goods
A and B are complementary goods
A is inferior to B
A is superior to B
Now-a-days in real life, we are unable to fined:
Monopoly
Perfect competition
Imperfect competition
Monopolistic competition
In monopoly and perfect competition, TC curves are:
Different
Similar
Opposite
None of the above
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
The Hicksian indirect utility function in the form of equation is:
x =f(P)
x =a-bp
The number of sellers in oligopoly are:
Two
Many
Four
Very few
Whenever a group of monopolistic competitors attains equilibrium, the firms in this group usually:
Charge different prices, but produce identical outputs
Produce different outputs, but charge identical prices
Charge different prices, and produce different outputs
None of the above
A firm can never produce in the middle area of input space, in case of:
Concave isoquant
Convex isoquant
Constant isoquant
None of the above
MC = MR = AC = AR shows the long run equilibrium position of the:
Competitive firm
Oligopolistic firm
Monopolist firm
None of the above
The normal long-run average cost curve is influenced by the:
Principle of diminishing returns
Economies and diseconomies of large scale production
Principle of constant return to scale
All of the above
In case of monopoly, the slope of MR is:
Always three times than the slope of AR
Always double than the slope of AR
Always equal to the slope of AR
None of the above
The income consumption curve (ICC) is the locus of points of consumer equilibrium resulting:
Only when the price of commodity X changes
Only when the price of commodity Y changes
Only when the consumers income is varied
None of the above