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The cost of production is faced by a:

A. Producer

B. Consumer

C. Seller

D. Firm

Correct Answer : D.


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  1. If a straight line supply curve passes through the point of origin O, the elasticity of supply is:
  2. The Purchasing Power Parity (PPP) Theory is presented by:
  3. An iso-product (an isoquant) curve slopes:
  4. Indifference curve approach (ordinal approach) is superior to utility approach (cardinal approach) because:
  5. In the case of substitutes, the cross demand curve slopes
  6. Theory of revealed preference is based on:
  7. When a consumer is satisfied with his spending pattern, he is said to be in:
  8. Who finalized the model of monopolistic competition?
  9. When at a given price, the quantity demanded of a commodity is more than the quantity supplied, there…
  10. If two goods are perfect substitutes then IC will be:
  11. A high value of cross-elasticity indicates that the two commodities are:
  12. Price discrimination is possible:
  13. In centralized cartel, the firms are like:
  14. If the commodity is inferior then the Income Effect (I.E) and the Substitution Effect (S.E):
  15. Scarcity means:
  16. The effect of consumer boycotts usually is:
  17. Which of the following theories of trade cycle was presented by William Jevons?
  18. Cross-elasticity of demand or cross-price elasticity between two substitutes will be:
  19. Contraction of demand means:
  20. Monopolistic firm can fix:
  21. The imaginary differentiation is attributed to difference in:
  22. Cross-elasticity of demand or cross-price elasticity between two perfect complements will be:
  23. Classical production function is:
  24. Total variable cost curve:
  25. The isoquant approach is:
  26. In first degree price discrimination, monopolist takes away :
  27. Increasing returns is not caused by:
  28. The Hicksian indirect utility function in the form of equation is:
  29. The costs faced by the firm against fixed factors are:
  30. If the factors have to be employed in a fixed ratio, then the elasticity of substitution under Leontief…