The isoquant approach is based upon:
One output
One input
Two outputs
Two inputs
Correct Answer :
D. Two inputs
Related Questions
The pay-off matrix shows:
Possible outcomes
Possible benefits
Possible losses
None of them
When in a market, the number of buyers is very large and the number of sellers is very small, it is known as:
Monopoly
Oligopoly
Imperfect competition
Perfect competition
If demand increased and supply decreased then:
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
After reaching the saturation point consumption of additional units of the commodity cause:
Total utility to fall and marginal utility to increase
Total utility and marginal utility both to increase
Total utility to fall and marginal utility to become negative
Total utility to become negative and marginal utility to fall
Labor Saving Technological Progress can be defined as:
Technological progress that causes to raise the marginal product of capital and labor in the same proportion
Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor
Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital
None of the above
In monopolistic competition, the individual demand curve is also known as:
Planned products curve
Planned material curve
Planned costs curve
Planned sales curve
Capital and Development Planning is the work of:
S.Chakravarty
J.S.Mill
A.C.Pigou
F.W.Taussig
Time Preference Theory of Interest was presented by:
Adam Smith
Carl Menger
Ruskin
J.B.Say
In discriminating monopoly (price discrimination), the elasticity of demand of product in two markets are:
Different
Same
Zero
None of the above
The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:
It gets more expensive
A household consumes more of it
Preference changes
A households income goes up
Production indifference curve (isoquant) is a curve which shows:
Equal level of output
Unequal level of outputs
Equal level of inputs
Unequal level of inputs
Who first used the term Quasi-Rent?
David Ricardo
Alfred Marshal
J.S.Mill
Karl Marx
Which form of market structure is characterized by interdependence in decision-making as between the different competing firms?
Oligopoly
Perfect competition
Imperfect competition
None of the above
The engineering production function and engineering costs curves are concerned with the:
Production cost
Collection cost
Raw material costs
Distribution costs
In the long run average costs curve, a firm can change:
Labour
Capital
Both of them
None of them
The advertisement and other selling activities:
Lessen the differentiation
Widen the differentiation
Does not effect the differentiation
All of the above
In an indifference curve diagram, when the price of a product increases, the decline in quantity demanded that results if consumers utility or welfare is kept constant is referred to as the:
Utility effect
Budget line effect
Substitution effect
Income effect
If the commodity is normal then Income Effect (I.E) is:
Negative
Positive
Zero
Infinite
In short-run, in monopolistic competition, a firm earns:
Normal profits
Abnormal profits
No profits
All of the above
Price mechanism has also given the name:
Labor theory
Production theory
Laisseze-faire
None of the above
Ordinal approach includes arranging:
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
In repeated game, the Prisoners Dillemma can have a:
Non-cooperative outcome
Cooperative outcome
Dominant behavior
Recessive behavior
Who first formulated the Marginal Productivity Theory of Distribution?
J.B.Clark
L.Euler
J.A.Schumpeter
Alfred Marshal
In the real world, some competitive firms owns specialized resources that earn a return called:
Economic profit
Rent
Accounting profit
Normal profit
Identify the factor, which generally keeps the price elasticity of demand for a commodity low:
Variety of uses for that commodity
Its low price
Close substitutes for that commodity
High proportion of the consumers income spent on it
From analysis, it is clear that both Marshal and Walras market models are:
Unstable
Stable
Variable
Fluctuating
Marginal cost is found with the help of changes in:
Total cost or total variable cost
Total explicit cost
Total fixed cost
Total implicit cost
In monopolistic competition, the cost curves of all firms are:
Uniform
Different
Dependent
Independent
Returns to scale is a:
Timeless phenomenon
Short run phenomenon
Long run phenomenon
None of the above
Compared to perfect competition, a monopolist will charge:
Charges a high price
Produce more output
Increase economic efficiency
None of the above