More elastic
Less elastic
Unit elastic
Zero elastic
B. Less elastic
Complements
Close substitutes
Both a and b
None of the above
Output
Sales
Profits
None of the above
Technological progress that causes to raise the marginal product of capital and labor in the same proportion
Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor
Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital
None of the above
Short-Run
Long-Run
Medium-Run
None of the above
Will mainly paid by sellers of the product
By mainly paid by cigarette smokers
Be mainly paid by tobacco growers
None of the above
Also lower their prices
Increase their prices
Show no reaction
None of the above
Left to right
Right to left
Both of them
None of them
A fall in price
A decrease in the number of firms in the long-run
A decrease in the output of each firm
All of the above
There is perfect information about prices
All participants in the market are small relative to the size of the overall market
There are many buyers and sellers
Buyers and sellers do not know each other
Marginal cost curve
Average variable cost curve
Fixed cost curve
Average cost curve
Positive
Negative
Zero
None of the above
Desire for them
Purchases
Production
Consumption
Equal MU from both commodities X and Y
More MU from commodity X than from commodity Y
More MU from commodity Y than from commodity X
Equal marginal utility from the last rupee spent on commodity X and commodity Y
Immediate-run decision
Market period decision
Short-run decision
Long-run decision
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
Monopoly
Private property
Workable competition
Oligopoly
Monopoly
Oligopoly
Duopoly
None of the above
No risks
Risks
Safety
None of the above
Economic substitutes
Technical substitutes
Both a and b
None of the above
AC=MR
MC=MR
MR=AR
AC=AR
Producer
Consumer
Seller
Firm
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
Sunspot Theory
Monetary Theory
Saving-Investment Theory
Innovation Theory
It is given to a lot of criticism
It is too difficult to be explained
It is based on assumptions which are unreal
Economists do not agree on this
Negative
Positive
Infinite
Zero
Statements of various assumptions or postulates
Logical deductions from the assumptions made
Testing the hypothesis against empirical evidence
All of the above
Competitors will follow a price increase but not a price cut
Competitors will follow a price increase as well as a price cut
Competitors will ignore both a price increase and a price cut
Competitors will ignore a price increase but will follow a price cut
Income-expenditure relationship
Income-cost relationship
Income-price relationship
Income-quantity relationship
Price leadership model
Bertrands model
Collusive model
Edgeworths model
Both move together and reinforce each other
One moves and the other remains constant
Move in the opposite direction and neutralize each other
Both remain constant