Increasing marginal utility
Decreasing marginal utility
Zero marginal utility
Negative marginal utility
D. Negative marginal utility
Income effect is positive but substitution effect is negative
Income effect is negative but substitution effect is positive
Both income effect and substitution effect are negative
Both income effect and substitution effect are positive
Consuming goods and services
Transforming inputs into outputs
Wasting goods and services
Buying goods and services
More quantity demanded at a lower price
More quantity demanded at a higher price
More quantity demanded at the same price
None of the above
Productive resources such as labor and capital equipment that firms use to manufacture goods and services are called inputs or factors of production
Unproductive resources that do not take part in production process are called inputs or factors of production
Firms own resources are called inputs or factors of production
None of the above
Increase at decreasing rate
Increase at constant rate
Decrease at increasing rate
Increase at increasing rate
Substitution effect
Income effect
Both substitution and income effect
None of them
Change in the tastes of consumers at different prices
The rate of response of demand to a change in supply
The change in costs when output is increased by one unit
The responsiveness of demand to a change in price
The want- satisfying power of a commodity
Usefulness of commodity
Eating of commodity
None of these
Economies and diseconomies of production
Indivisibility of factors
Fixity of supply of land
Variable factor productivity
Straight line
Convex to origin
Concave to origin
Lshaped
Product costs
Real costs
Menu costs
Nominal costs
Perfectly competitive international market
Perfectly competitive national market
Imperfect international market
Imperfect national market
Physical science
Social science
Natural science
Basic science
Giffen goods
Necessities
Luxuries
Prestige goods
Enforce contracts
Make contracts
Make negotiations
Do not make negotiations
Also lower their prices
Increase their prices
Show no reaction
None of the above
TU curve
MU curve
Supply curve
None of the above
Nil resources
Limited resources
Many resources
Extra resources
human welfare
national income
multiplicity of wants and scarcity of resources
theory of production
Price leadership model
Bertrands model
Collusive model
Edgeworths model
V-shaped traditional cost curves
S-shaped traditional cost curves
Modern cost curves
U-shaped traditional cost curves
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
Competitive firm
Oligopolistic firm
Monopolist firm
None of the above
Monopoly
Perfect competition
Duopoly
Monopolistic competition
Perfectly elastic
Relatively elastic
Unitary elastic
Relatively inelastic
Less than one
Equal to one
More than one
Equal to infinite
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
Break-even point
Load point
Shut-down point
Revenue cost point
S.Kuznets
H.Liebenstein
A.O.Hirshman
Alfred Marshal
Adam Smith
Carl Menger
Ruskin
J.B.Say