Supply of a commodity refers to:
Total stock of a commodity in the market
Total production of a commodity during the year
Total production plus total stock of a commodity
Amount of commodity offered for sale at some price at a particular place and time
Correct Answer :
D. Amount of commodity offered for sale at some price at a particular place and time
Related Questions
The production techniques are technically efficient:
Bellow the lower ridge line
Above the upper ridge line
Between the two ridge lines
On the upper ridge line
Who finalized the model of monopolistic competition?
Ricardo
Marshal
Chamberlin
Mrs. Robinson
A monopolist is able to maximize his profit when:
His output is maximum
He charges a high price
His average cost is minimum
His marginal revenue is equal to marginal cost
Quantity demanded or supplied is measured in:
Monetary units
Physical units
Relative units
Constant units
Identify the author of The Social Framework:
R.G.D.Alien
J.R.Hicks
A.C.Pigou
None of the above
The average product is given as:
Q.L
Q- L
Q+ L
Q/L
An economic model describing the working of an economy consists of:
Functional relationships
Family relationships
Economic position
Stagnant relationships
Price discrimination is undertaken with the aim of:
Increasing sales and maximizing profits
Reducing sales and raising prices
Minimizing cost and maximizing revenue
Serving the markets without earning profits
If the prices of goods rise then:
The real income of consumer falls
The real income of consumer rises
The real income of a consumer remains constant
The real income of consumer becomes zero
In sweezy model (kinked demand curve model), the overall increase in costs of production:
Do not effect equilibrium
Affect equilibrium
Both a and b
None of the above
The market demand shedule is determined by:
Adding up the prices consumers are wiling to pay at each quantity demanded
Multiply each consumers demand curve by the total number of consumers in the market
Adding the quantities denmanded by all consumers at each alternative price
None of the above
In case of monopoly, when total revenue is maximum:
MR is positive
MR falls
MR rises
MR is zero
According to Marshal, the Law of Diminishing Returns is applicable to:
Industry
All fields of production
Agriculture
None of the above
When the demand curve is rectangular hyperbola, it represents:
Unitary elastic demand
Perfectly elastic demand
Perfectly inelastic demand
Relatively elastic demand
Moving along the indifference curve leaves the consumer:
Better off
Worse off
In equilibrium
Neither better off nor Worse off
Because the price elasticity of demand for OPEC oil is approximately .08, in order to increase revenues OPEC should:
Lower price in order to increase revenues
Lower price in order to decrease the amount of oil sold
Rise price in order to increase the amount of oil sold
Raise price in order to increase revenues
Economics is a:
Physical science
Social science
Natural science
Basic science
The optimal strategy for a player is termed as:
Recessive strategy
Dormant strategy
Dominant strategy
Hidden strategy
The concept of product differentiation was firstly introduced by:
Smith
Kaldor
Sraffa
Marshal
The situation in between the extremes of the govt. controlled, planned economy and the perfectly free, unplanned economy is known as:
Developed economy
Laissez-fair economy
Mixed economy
Capitalistic economy
In case of economic bads, an IC can be :
Sloping downward
Sloping upward
Positively sloped
Negatively sloped
Entry of new firms into a competitive market will shift the supply curve of the:
Firm to the left
Industry to the right
Firm to the right
Industry to the left
The main contribution of Malthus is in the field of:
Consumption expenditure
Theory of population
Division of labor
Theory of demand
In Recardian theory of value, the stress has been made on:
Marginal cost
Production cost
Labor cost
Supply cost
If the commodity is inferior then:
Income effect is positive but substitution effect is negative
Income effect is negative but substitution effect is positive
Both income effect and substitution effect are negative
Both income effect and substitution effect are positive
Profits of a firm will be calculated taking into account the units produced and the difference between:
Real cost and money cost
Variable cost and fixed cost
Average cost and average revenue
Marginal cost and average cost
Monopolistic firm can fix:
Both price and output
Either price or output
Neither price nor output
None of the above
The external economies of scale experienced by a firm include the:
Growth of firms processing its waste materials
Development of research bureau serving the industry
Supply of suitable skilled labor in the area
All of the above
The equilibrium conditions, MC = MR = AR = AC, will happen:
In the short-run under perfect competition
In the long-run under perfect competition
In the short-run under monopolistic competition
In the long-run under monopolistic competition
The MRTS along an iso-quant goes on to:
Appear
Diminish
Prominent
Increase