Standardized product
Differentiate product
Two firms
No entry
B. Differentiate product
Two sellers
A few sellers
Five sellers
Many sellers
Always
Never
When LAC is falling
Only at that level of output when LAC is at its minimum
Is considered to be negligible and thus ignored
Is considered to be vital for the calculation of total cost
Is charged along with the price of the commodity
None of the above
All factors are variable
There is a fixed factor and variable factor
All factors are non-variable
None of the above
X.PX + Y.PY = 1
X.PX + Y.PY < 1
X.PX + Y.PY > 1
X.PX + Y.PY = 0
Marshal
J.R.Hicks
Adam smith
Rostow
not ignor the activities of the rival
ignor the activities of the rival
both a and b
none of the above
Can sell more
Reduces its revenues
Can sell nothing
Increases its revenues
The change in price
The change in supply
The percentage change in supply
The percentage change in price
Maximization of losses
Minimization of losses
Minimization of profits
None of the above
Perfectly elastic
Elastic
Unitary elastic
Inelastic
Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)
Sets of points relating production function that produces less output than possible for a given set of input (labor) i.e. Q < f(L, K)
Use of imported technology
None of the above
An increase in supply of coca cola
A decrease in supply of coca cola
An increase in demand for coca cola
A decrease in demand for coca cola
Are fixed even in the long period
When expressed as an average, show a continuous decline with increase of output
Do not reflect diminishing marginal returns
None of the above
Cost of the average units
Cost of the last units of average
Cost of the unit of production
Total cost marginal cost
The law of comparative advantage
The law of diminishing returns
The principle of substitution
Economics of large scale production
Substitution effect
Income effect
Both substitution and income effect
None of them
Societys knowledge of production
Applied science
Knowledge of science and mathematics
None of the above
Zero
Infinite
Equal to one
Greater than zero but less than infinite
Different prices
Similar prices
High prices
Low prices
Higher marginal valuation for consumer
Lower marginal cost for producer
Higher marginal cost for producer
Both (a) and (c)
Exotic behavior
Sympathetic behavior
Myopia behavior
Regular behavior
Positive
Negative
Neutral
Infinite
the individuals
industry
firms
associations
An increase in demand
A decrease in demand
An increase in supply
A decrease in supply
Production cost
Physical cost
Real cost
Opportunity cost
Auction market
Contract markets
Market for commercial office space
Natural gas market
Warehouses
Buildings
Dams
Share of stock
Downward to the left
Downward to the right
Upward to the right
Upward to the left
Bellow the lower ridge line
Above the upper ridge line
Between the two ridge lines
On the upper ridge line