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The concept of product differentiation was firstly introduced by:

A. Smith

B. Kaldor

C. Sraffa

D. Marshal

Correct Answer : C.


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  1. An inferior good/ commodity is inferior for:
  2. In constant sum game (zero sum game), if there are two parties then:
  3. The main contribution of Alfred Marshal is in the field of:
  4. Supply curves are most elastic:
  5. In non-constant sum game (non-zero sum game), if there are two parties then:
  6. Elasticity of demand is equal to unity while marginal revenue is:
  7. If the increase in demand is more than the increase in supply, the price will:
  8. If less is demanded at the same price or same quantity demanded at a lower price, it is a case of:
  9. Slope of a demand curve is:
  10. In an indifference curve diagram, when the price of a product increases, the decline in quantity demanded…
  11. Marginal cost curve cuts the average cost curve:
  12. A demand curve which is horizontal and parallel to x-axis represents:
  13. On the total utility curve the economically relevant range is the portion over which:
  14. For the equilibrium of the firm and the industry in the short period in a competitive market, the condition…
  15. The ordinary demand curve is also called:
  16. Which of the following does not have a uniform elasticity of demand at all points?
  17. Which of the following oligopoly models is concerned with the maximization of joint profits?
  18. Normal profits are considered as:
  19. If the commodity is normal then price effect is:
  20. Selling costs are incurred under monopolistic competition to:
  21. Engel curves shows that:
  22. Whish of the following represents the average revenue curve of a firm?
  23. When elasticity of demand is less than one (e
  24. According to law of Equi-Marginal Utility when price of commodity falls then we bought:
  25. A maximin strategy:
  26. Which industries spend a relatively large share of their revenue on research and development in order…
  27. In monopolistic competition, because of difference in choices, the firm charges:
  28. The average product is given as:
  29. In dominant strategies I am doing the best, I can no matter:
  30. MC = MR = AC = AR shows the long run equilibrium position of the: