In case of laws of return, one factor of production is constant and other is variable while in laws of return to scale both factors of production are variable
In case of laws of return to scale, one factor of production is constant and other is variable while in laws of return, both factors of production are variable
Both a and b
None of the above
A. In case of laws of return, one factor of production is constant and other is variable while in laws of return to scale both factors of production are variable
Wage of self-employed proprietor
Depreciation on machinery
Returns on owned capital
Cost of raw materials
Open agreements
Secret agreements
Both a and b
None of the above
Negative
Zero
Positive
Infinite
Alfred Marshal
Lord Keynes
Karl Marx
Prof. Robbins
When he cannot produce at an economic profit
When price falls short of average variable cost at every level of output
When price falls short of average fixed cost at every level of output
When price falls short of average total cost at every level of output
Only under monopoly situation
Under any market form
Only under monopolistic competition
Only under perfect competition
Zero
Infinite
Equal to one
Greater than zero but less than infinite
Instable equilibrium
Stable equilibrium
Constant equilibrium
Fluctuating equilibrium
Loss because of past
Learn from past
Destroy because of past
None of the above
Explicit cost
Implicit cost
Variable cost
Fixed cost
Two
One
Very large
A few
Many goods
Few goods
Two goods
Three goods
Maximum
Minimum
Equal
Lower
Labor theory of value
Individual theory of value
Producer theory of value
Consumer theory of value
Market price
Equilibrium price
Long-term price
Short-term price
Modern and traditional industries
Public and private sectors
Foreign and domestic investments
Commercial and subsistence farming
Resources of the economy
Interests of the economy
Limitations of the economy
Qualities of the economy
MP is positive
MP is negative
MP is falling
MP is rising
Choices
Preferences
Both a and b
None of the above
Alfred Marshal
Adam Smith
Karl Marx
George Stigler
Slopes downward
Slopes upward
Becomes horizontal
Becomes vertical
Stable cobweb model
Perpetual oscillation
Both(a) and(b)
None of them
Consumers get better quality goods
Cost of production falls and hence price will follow
Goods will be sold in many markets
None of the above
Appear
Diminish
Prominent
Increase
Long run
Short run
Average run
None of the above
Marginal usefulness
Marginal cost
Both of them
None of them
Which are not incurred by the firm and may accrue to the community
Of resources the cost of factors owned by the firm
Of resources supplied by the household
Of government externalities
Alfred Marshal
J.S.Mill
David Ricardo
A.C.Pigou
Price demanded and price paid
Price quoted and price actually paid
Price that a consumer is willing to pay and the price actually paid
None of the above
Perfect elasticity (infinitely elastic)
Relative elasticity (greater than one elasticity)
Perfect inelasticity (zero elasticity)
Relative inelasticity (less than one elasticity)