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Price mechanism has also given the name:

A. Labor theory

B. Production theory

C. Laisseze-faire

D. None of the above

Correct Answer : C.


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  1. In short-run, in monopolistic competition, a firm earns:
  2. If less is demanded at the same price or same quantity demanded at a lower price, it is a case of:
  3. If demand increased and supply decreased then:
  4. Selling costs are incurred under monopolistic competition to:
  5. Under the law of variable proportions, the average and the marginal product of the variable factor would…
  6. For a few products such as insulin for diabetics,:
  7. Production indifference curve (isoquant) is a curve which shows:
  8. The relationship between price effect, income effect and substitution effect is:
  9. Increasing return to scales can be explained in terms of:
  10. The demand for cigarettes is price inelastic implying a unit tax on this commodity will
  11. The cournot model is a model of:
  12. The water diamond paradox was firstly resolved with the help of:
  13. The point where the supply and demand curves intersect on a graph determines:
  14. A shift in the demand for a product is likely to result from a change in:
  15. The engineering production function and engineering costs curves are concerned with the:
  16. The demand curve in monopolistic competition (also in kinked demand curve model), which shows the share…
  17. When a consumer reached at the point of saturation then marginal utility (MU) is:
  18. The slope of budget line shows the price ratios of:
  19. Under monopolistic competition, the products sold by the firms are:
  20. In the case of an inferior commodity, the income-elasticity of demand is:
  21. In the theory of firm, Chamberline presented the idea of:
  22. The relationship between AC and MC curves depend upon the behavior of:
  23. The basic subject matter of economics is:
  24. According to current thinking, the law of diminishing returns applies to:
  25. The kinked demand curve comes into being where:
  26. If the commodity is normal then price effect is:
  27. In monopolistic competition, the firms follow:
  28. Even in the long-run equilibrium, the pure monopolist can make abnormal profits because of:
  29. The cost of one thing in terms of the alternative given up is known as:
  30. Contracts made by firms in cooperative games are: