Technological progress shifts the production function by allowing the firm to achieve more output from a given combination of inputs (or the same output with fewer inputs)
Technological progress shifts the production function by allowing the firm to achieve less output from a given combination of inputs (or the same output with more inputs)
Technological progress shifts the import function to the right
None of the above
A. Technological progress shifts the production function by allowing the firm to achieve more output from a given combination of inputs (or the same output with fewer inputs)
Standardized product
Differentiate product
Two firms
No entry
Yields the same outcome over and over
Can result in behavior that is different from what it would be if the game were played once
Is not possible
Makes cooperative games into noncooperative games
The firms producing with excess capacity
The firms producing at their minimum costs
Firms producing at a cost higher than the minimum
Some firms producing under decreasing costs and others under increasing costs
P = AC
P = MC
AC = MC
MC = TR
The amount of Y a consumer is willing to give up to obtain one additional unit of X and still remain on the same indifference curve
The amount of X a consumer is willing to give up to obtain one additional unit of Y and still remain on the same indifference curve
The amount of Y a consumer is willing to give up to obtain one additional unit of X and move to a higher indifference curve
The amount of X a consumer is willing to give up to obtain one additional unit of Y and move to a higher indifference curve
J.S.Mill
Adam Smith
Robert Malthus
David Ricardo
Face losses
Avoid losses
Bear losses
Make economic decisions
Due to change in price while other factors remain constant
Due to change in factors other than price
Both a and b
None of the above
Negatively sloped
Positively sloped
Parallel to X-axis
None of the above
Positive
Unitary
Negative
Infinite
Only under monopoly situation
Under any market form
Only under monopolistic competition
Only under perfect competition
Law of production
The Law of Equi-Marginal Utility
The Law of Diminishing Marginal Utility
Law of Variable Proportions
The effect of a change in price of X on its demand
The effect of a change in price of X on the demand for Y
The effect of a change in price of Y on its demand
None of the above
14 to 28
14 to 80
14 to 38
14 to 60
Instable equilibrium
Stable equilibrium
Constant equilibrium
Fluctuating equilibrium
Many goods have no effective substitutes
Nearly all goods have substitutes
The prices of substitute goods must be the same
Buyers will stop buying a good if its price rises
Is equal to the substitution effect
More than offsets the substitution effect
Reinforces the substitution effect
Only partially offsets the substitution effect
All of the consumer surplus
All of the producer surplus
Some part of the consumer surplus
None of them
Negative sign is ignored
Positive sign is ignored
None of them
Both of them
Rising cost
Falling cost
Rising input
Falling input
Price increases and demand decreases
Price increases but demand also increases
Price remains constant but demand falls down
Price falls down but demand remains constant
At different points
At the falling parts of each
At their respective minimums
At the rising parts of each
Marginal cost curves
Average cost curves
Total cost curves
None of the above
Theory of price
Theory of value
Theory of labor
Theory of cost
Same cost conditions
Different cost conditions
Same price conditions
Same products conditions
Input factor
Heavy factor
Output factor
Load factor
The price at which the marginal unit sells
Total revenue sale of all units divided by volume of sales
Average revenue of total output average revenue of last unit
The change in total revenue resulting from the sale of one unit more of output
V-shaped traditional cost curves
S-shaped traditional cost curves
Modern cost curves
U-shaped traditional cost curves
The price falls and the demand also falls down
The price increases but demand falls down
The price increases the demand remains constant and when the price remains constant the demand goes up
The price remains constant but demand falls
A utility function refers to a particular individual and reflects the tastes of that individual
When the tastes of an individual changes, his utility function changes(shifts)
Different individuals usually have different tastes and thus have different utility functions
Different individuals have same tastes and thus have the same utility function