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Scarcity means:

A. Nil resources

B. Limited resources

C. Many resources

D. Extra resources

Correct Answer : B.


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  1. A producer attains the least cost combination when the relation between Marginal Rate of Technical Substitution…
  2. The relationship between price effect, income effect and substitution effect is:
  3. According to Leontief technology, there:
  4. Which of the following oligopoly models is concerned with the maximization of joint profits?
  5. A monopolist:
  6. The slope of budget line shows the price ratios of:
  7. If the demand curve is vertical then its slope is:
  8. The costs faced by the firm against fixed factors are:
  9. Any expansion in output by a firm in the short period will always reduce the:
  10. The Law of Diminishing Marginal Returns can be explained in terms of:
  11. The firm is at equilibrium where:
  12. When the income of consumer increases then budget line will:
  13. From analysis, it is clear that both Marshal and Walras market models are:
  14. On all points of budget (price) line:
  15. The cobweb model will convergent when the slope of:
  16. If the price of coffee increases, you would predict that:
  17. If two goods are perfect substitutes then IC will be:
  18. An iso-product (an isoquant) curve slopes:
  19. The entry of new firms in cournot model is:
  20. In monopolistic competition, the firms follow:
  21. An indifferent curve shows:
  22. In monopolistic competition, if a firm lowers its price, the rival firms will:
  23. Nash equilibrium is applicable in case of:
  24. If the price of product A decreases and in the result the demand for product B increases then we can…
  25. The Lambda or Langrange Multiplier is a:
  26. An individual consumers demand is not determined by:
  27. By increasing the price of its products above those of its competitors, a perfectly competitive seller:
  28. The reserve capacity in administration is advocated on the ground that demand for a product will:
  29. Suppose income increases by 10% and demand for commodity increases by 5% then the income elasticity…
  30. Profits of a firm will be calculated taking into account the units produced and the difference between: