Bandwagon effects
Snob effects
Veblen effects
Steven effects
B. Snob effects
Highly elastic
Perfectly inelastic
Fairly elastic
Moderately elastic
Firm
Product group
Producers
Shopkeepers
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
Total production
Fixed production
Variable production
None of the above
Negative
Positive
Zero
Infinity
Restrict output to increase price
Produce where MC > P
Create a gap b/w quantity demanded and supplied
None of the above
Stable
Unstable
Negative
Neutral
More elastic
Less elastic
Unit elastic
Zero elastic
One
Zero
Two
Five
Equating price and marginal revenue
Equating price and average total cost
Increasing marginal cost and lowering fixed costs
Equating marginal cost and marginal revenue
Led the Russian Revolution
Provided the theoretical basis for socialism(communism)
Developed his theory in response to the Great Depression of the 1930s
None of the above
Classical approach
Keynesian approach
Neo-classical approach
Modern approach
Negatively sloped
Positively sloped
Parallel to X-axis
None of the above
Negative
Positive
Infinite
Zero
Output cost
Output ratio
Input prices
Input ratio
Can influence the market price
Cannot influence the market price
Can sell at zero price
None of the above
Marginal cost is zero
Total cost is zero
External costs are zero
Average costs are zero
Explicit costs
Implicit costs
Social costs
Private cost
Consumers prefer to have less satisfaction than more of both commodities
As more and more of one commodity is obtained, less and less of the other must be given up to keep satisfaction constant
The total satisfaction obtained along an indifference curve decreases at an increasing rate
None of the above
Repel each other
Represent each other
Intersect each other
None of the above
Price
Entry
Both a and b
None of the above
Double to that of AR
1/2 to that of AR
2/3 to that of AR
Four times to that of AR
A relative term
An economic term
A dynamic term
As a whole term
Moves (shifts) towards the axis
Moves (shifts) away from the axis
Remains unchanged
All of the above
Price and output determination
Price rigidity (price stickness)
Price leadership
Collusion among rivals
R.Nurkse
N.Kaldor
S.kuznets
Alfred Marshal
Increasing returns to scale
Decreasing returns to scale
Constant returns to scale
Variable returns to scale
banned
allowed
partially allowed
none of the above
MP = AP
MP < AP
MP > AP =0
MP > AP
Positive
Negative
Neutral
Infinite