The Latin term citeris paribus means:
Other things being equal
Because of this
Due to this
All the factors changes at the same rate
Correct Answer :
A. Other things being equal
Related Questions
Identify the author of The Principles of political Economy and Taxation:
Alfred Marshal
J.S.Mill
David Ricardo
A.C.Pigou
The necessary condition of firms equilibrium requires:
dR/dQ + dC/dQ = 0
dR/dQ - dC/dQ = 0
dC/dQ - dR/dQ = 0
dR/dQ > dC/dQ > 0
The long run total cost is attained by:
LMC.Q
AC.Q
LC.Q
LAC.Q
General Equilibrium deals with the equilibrium of the:
Consumer
Producer
Farmer
All the producers and consumers
Which of the following models are associated with non-collusive oligopoly?
Bertrand model
Chamberlin model
Kinked demand model (Sweezy Model)
All of the above
The reserve capacity in administration is advocated on the ground that demand for a product will:
Decrease in the future
Increase in the future
Remain constant
None of the above
In long run competitive equilibrium:
Every firm will earn economic profit
Every firm will incur losses
Every firm will earn only normal profit
The marginal firm will earn no profit
The effects according to which people use those goods which are concerned with distinctive standard of living are:
Bandwagon effects
Snob effects
Veblen effects
Steven effects
Economics is a:
Physical science
Social science
Natural science
Basic science
The coefficient of the price elasticity of demand is computed as the absolute value of the percentage change in quantity demanded divided by:
The change in price
The change in supply
The percentage change in supply
The percentage change in price
At low prices, demand is likely to be:
More elastic
Less elastic
Unit elastic
Perfectly inelastic
Rotten eggs are:
Free goods
Economic goods
Luxury goods
None of the above
Under competitive conditions, the industry will be in equilibrium:
When each firm is in equilibrium equating MC with MR
When all the firms are earning only normal profits
When firms outside have no tendency to enter the industry and those within, have no tendency to leave the industry
All of the above
Necessary condition for consumer equilibrium is:
An increase in the supply of a commodity is caused by:
Improvements in its technology
Fall in the prices of other commodities
Fall in the prices of factors of production
All of the above
The production function can convey to a firm:
The cost of producing any given output
The various combinations of input that could be employed in production of any given quantity of output
The various combinations of input that should be used in producing any given quantity of output in an efficient manner
The maximum profit level of output
Under perfect competition, at equilibrium, marginal cost is:
Less than marginal revenue
Equal to marginal revenue
More than marginal revenue
None of the above
A budget line shows:
Price of commodity X in terms of Y
Price of commodity Y in term of X
Income of the consumer
All of the above
The demand curve of a firm in monopolistic competition is:
Negatively sloped
Vertical
Horizontal
Positively sloped
The price under perfect competition is settled by:
Producers
Sellers
Buyers
Sellers and buyers
Which of the following is not a feature of isoproduct curves?
Are downward sloping to the right
Show different input combination producing the same output
Intersect each other
Are convex to the origin
If by doubling all inputs in the long run output is less than double, it is a case of:
Increasing returns to scale
Decreasing returns to scale
Constant returns to scale
Variable returns to scale
The relationship between MC and MP shown by the marginal cost concept is:
Inverse
Direct
Negative
Positive
The Chamberline model recognizes mutual:
Independence of firms
Interdependence of firms
Independence of individuals
Interdependence of materials
According to Saint Thomas Aquinas value is determined by God, but prices by:
Consumers
Employees
People
Labor
Ceteris paribus clause in the law of demand means:
The price of substitute does not change
The taste of the consumer does not change
The income of the consumer does not change
All of the above
An income demand curve of an inferior good is:
Upward sloping
Downward sloping
Constant in slope
None of the above
In first degree price discrimination, monopolist takes away :
All of the consumer surplus
All of the producer surplus
Some part of the consumer surplus
None of them
If the commodity is inferior then:
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
Social costs equal private costs when:
Marginal cost is zero
Total cost is zero
External costs are zero
Average costs are zero