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Some farm land can be used to produce either corn or soybeans. If the demand for corn increases then:

A. The demand for soybeans should increase

B. The supply of soybeans should increase

C. The demand for soybeans should decrease

D. The supply of soybeans should decrease

Correct Answer : D.


An increase in the demand for corn would raise the price of corn, causing some farmers to grow corn instead of soybeans. This reduces the supply of soybeans.}

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  1. The study of economics just in theoretical way is called:
  2. In the range of excess capacity, the average costs are:
  3. Under price discrimination, the buyers must:
  4. Under Bandwagon effects, people use those goods which are used by their:
  5. If money income is given then consumer is in equilibrium when:
  6. Under monopolistic competition, the firms compete alongwith:
  7. Production function relates:
  8. When price decreases and with it the total outlay on a commodity also decreases, it is a case of:
  9. In joint-profit maximization cartel, the distribution of profit is:
  10. The short run cost curve is U shaped because of:
  11. Duopoly is a market where there are:
  12. The isoquant which are generated by CES (constant elasticity of substitution) production function are…
  13. Which of the following is not a feature of isoproduct curves?
  14. In 1890, Principles of Economics was written by:
  15. Whenever a group of monopolistic competitors attains equilibrium, the firms in this group usually:
  16. Identify the author of The Affluent Society?
  17. In income effect, we:
  18. In the case of complements, the cross demand curve slopes:
  19. Which of the following oligopoly models is concerned with the maximization of joint profits?
  20. If two goods are complements then indifference curve (IC) will be:
  21. Moving down along a linear demand curve:
  22. Any straight line supply which cuts the x-axis will have:
  23. The Lambda or Langrange Multiplier is a:
  24. The largest possible loss that a firm will make in the short run is:
  25. Marginal utility equals:
  26. At the point where the straight line from the origin is tangent to the TC curve, AC is:
  27. Price discrimination is possible:
  28. Under which of the following forms of the market structure does a firm have no control over the price…
  29. If the price of coffee increases, you would predict that:
  30. Time Preference Theory of Interest was presented by: