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The indirect utility function is a homogeneous function of:

A. degree one

B. degree zero

C. degree less than one

D. degree greater than one

Correct Answer : B.


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  2. Conditions of perfect competition ensure:
  3. The situation of single buyer and single seller is called:
  4. Identify the author of The Affluent Society?
  5. The game theory is concerned with:
  6. The slope of isocost line (budget line) shows:
  7. Rotten eggs are:
  8. Which of the following is assumed to be constant when drawing a demand curve?
  9. The monopolist often lead to exploitation of:
  10. In monopolistic competition, the firm take advantage due to customers:
  11. For a commodity giving large consumers surplus, the demand will be:
  12. Which describes a competitive market?
  13. Under the perfect competition, the transportation cost:
  14. When in a market, the number of buyers is very large and the number of sellers is very small, it is…
  15. Airlines that try to lower fares in order to increase revenues believe that demand for airline services…
  16. 7.The costs which the firms have to face in order to change the price tags of their products and services…
  17. If by doubling all inputs in the long run output is less than double, it is a case of:
  18. Some farm land can be used to produce either corn or soybeans. If the demand for corn increases then:
  19. The firms in non-cooperative games:
  20. Using total revenue and total cost, a profit maximizing firm will be equilibrium at a point:
  21. Under monopolistic competition, the firms compete alongwith:
  22. In substitution effect and income effect:
  23. Time Preference Theory of Interest was presented by:
  24. Of the following commodities, which has the lowest price-elasticity of demand?
  25. Each firm in cournot model assumes that its competitor will:
  26. If as a result of a decrease in price, total outlay (expenditures) on a commodity increases, its price-elasticity…
  27. Cross-elasticity of demand or cross-price elasticity between two perfect complements will be:
  28. The line from the origin to a point on an isoquant shows:
  29. To calculate the Economic Profit we must deduct which of the following cost from our total revenues?
  30. Contracts made by firms in cooperative games are: