Economic combinations of labor and capital
Uneconomic combinations of labor and capital
Both a and b
None of the above
C. Both a and b
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
Explicit costs
Implicit costs
Social costs
Private cost
Different
Same
Zero
None of the above
Charge different prices, but produce identical outputs
Produce different outputs, but charge identical prices
Charge different prices, and produce different outputs
None of the above
An increase in supply of coca cola
A decrease in supply of coca cola
An increase in demand for coca cola
A decrease in demand for coca cola
Convex to the origin
Slopes downwards to the right
Parallel to each other
Cannot intersect each other
A relative term
An economic term
A dynamic term
As a whole term
Technological progress shifts the production function by allowing the firm to achieve more output from a given combination of inputs (or the same output with fewer inputs)
Technological progress shifts the production function by allowing the firm to achieve less output from a given combination of inputs (or the same output with more inputs)
Technological progress shifts the import function to the right
None of the above
Maximization of losses
Minimization of losses
Minimization of profits
None of the above
The different combinations of X and Y in any way the consumer wants
The different combinations of X and Y higher and lower and measuring the difference of utility between them
The different combinations of X and Y higher and lower and not measuring the difference of utility between them
None of above
Decreasing return to scale
Increasing return to scale
Constant return to scale
None of the above
MP = AP
MP < AP
MP > AP =0
MP > AP
The supply curve will shift down or right
The supply curve will shift up or left
Both demand and supply curve shifts would occur
None of the above
Each additional unit of output will be more expensive to produce
Each additional unit of output will require increasing amount of inputs
Marginal product of the variable factor of production decreases as the quantity increases
All of the above
Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)
Sets of points relating production function that produces less output than possible for a given set of input (labor) i.e. Q < f(L, K)
Use of imported technology
None of the above
Two sellers
A few sellers
Five sellers
Many sellers
Infinitely elastic demand
Infinitely inelastic demand
Relatively elastic demand
Relatively inelastic demand
Quantity exchanged might rise or fall and price would rise
Quantity exchanged would rise and price would fall
Quantity exchanged would rise and price might rise or fall
Both quantities exchanged and price would rise
The price of only Y is varied
The price of only X is varied
The prices of both Y and X are varied
None of the above
Many goods have no effective substitutes
Nearly all goods have substitutes
The prices of substitute goods must be the same
Buyers will stop buying a good if its price rises
Greater than one
Less than one
Zero
Equal to one
A vertical demand curve
A horizontal demand curve
A rectangular hyperbola demand curve
A downward sloping demand curve
Average variable cost
Average fixed cost
Both average fixed and variable cost
None of the above
E.H.Chamberlin
Joan Robinson
E.A.G.Robinson
J.M.Keynes
There is tendency for firms to enter but not leave the industry
Firms have no tendency either to enter or to leave the industry
Some firms may enter while the others may leave the market even after the equilibrium of the industry
Entry or exit of the firms cannot be predicted
University professors
Computer components
Building materials
Jet airplanes
MC = AC and P=MR
MC=MR and P =AR= ATC
Decreasing returns to scale
Variable returns to scale
Constant returns to scale
Increasing returns to scale
Wages of the labor
Charges of electricity
Interest on owned money capital
Payment for raw materials
Perfect elasticity (infinitely elastic)
Relative elasticity (greater than one elasticity)
Perfect inelasticity (zero elasticity)
Relative inelasticity (less than one elasticity)