The Law of Equi-Marginal Utility refers to:
Marginal utility of commodity X
Marginal utility of commodity Y
Marginal utility per rupee spent on X and Y commodities
None of the above
Correct Answer :
C. Marginal utility per rupee spent on X and Y commodities
Related Questions
Equilibrium of a firm represents maximization of profits as well as:
Maximization of losses
Minimization of losses
Minimization of profits
None of the above
The Substitution Effect (S.E) is always:
Negative
Zero
Positive
Infinite
In collusive olligopoly, the firms may make:
Open agreements
Secret agreements
Both a and b
None of the above
According to Smith, by value we mean the value with respect to use, and the price we mean the value with respect to:
Production
Consumption
Exchange
Formation
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
If the commodity is inferior then Income Effect (I.E) is:
Negative
Positive
Zero
Infinite
Total fixed costs are:
Marginal utility is only meant for:
Half utility
Full utility
Additional utility
Multiplied utility
According to Leontief technology, there:
Is only one technique of production
Are few techniques of production
Are many techniques of production
Are two techniques of production
In perfect cartel, the:
Perfect competition price is charged
Monopoly price is charged
Monopoly price is not charged
None of the above
The feasible part of the demand curve for the monopolist who is charging high price will be:
The elastic part of a demand curve
The inelastic part of a demand curve
The constant elastic part of the demand curve
None of the above
When total revenue is maximum in monopoly, elasticity of demand is:
E =1
E >1
E <1
E =0
The optimal strategy for a player is termed as:
Recessive strategy
Dormant strategy
Dominant strategy
Hidden strategy
Income-demand curve shows:
Income-expenditure relationship
Income-cost relationship
Income-price relationship
Income-quantity relationship
Rational economic behavior on the part of the consumer means that he will:
Save as much of his income as possible
Spend as much of his income as possible
Buy everything at the lowest possible price
Make wise choices among available economic goods
A monopoly producer usually earns:
Abnormal profits
Only normal profits
Neither profits nor losses
Profits and losses which are uncertain
The ordinary demand curve is also called:
Marshallian demand curve
Hicksian demand curve
Slutsky demand curve
All the above
The cost of production is faced by a:
Producer
Consumer
Seller
Firm
Which of the following curves is a rectangular hyperbola?
ATC
AVC
AFC
None of the above
In Edgeworth model, price remains:
Constant
On increasing
Independent
Indeterminate
Marginal cost curve cuts the average cost curve:
At the left of its lowest point
At its lowest point
At the right of its lowest point
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
Economic laws are:
Conditional
Moral by nature
Predicted
Like laws of sports
In joint-profit maximization cartel, the distribution of profit is:
Made by agency
Not made by agency
Made by people
None of the above
A firm in a position of equilibrium is supposed to be maximizing:
Output
Sales
Profits
None of the above
Under conditions of perfect competition, price in the long-run is equal to:
Minimum of average variable cost
Minimum of marginal cost
Minimum of average fixed cost
Minimum of average cost
Each firm in cournot model starts selling:
1/2 of the total market demand
1/4 of the total market demand
1/3 of the total market demand
None of the above
In Nash Equilibrium:
Each player has a dominant strategy
No players have a dominant strategy
At least one player has a dominant strategy
Players may or may not have dominant strategies
Which of the following would be least likely to cause a consumer to eat less beef?
An increase in the price of beef
An increase in the price of lamb
A reduction in the consumers income
A reduction in the price of lamb
Marshallian demand function is also known as:
Utility demand function
Compensated demand function
Collective demand function
Relative demand function