All factors are variable
There is a fixed factor and variable factor
All factors are non-variable
None of the above
B. There is a fixed factor and variable factor
Percentage change in quantity demanded of a commodity divided by percentage change in price of that commodity
Change in quantity demanded of a commodity divided by change in price of that commodity
Percentage change in price of a commodity divided by percentage change in quantity demanded of that commodity
None of that commodity
Due to change in price while other factors remain constant
Due to change in factors other than price
Both a and b
None of the above
Only under monopoly situation
Under any market form
Only under monopolistic competition
Only under perfect competition
Utility demand function
Compensated demand function
Collective demand function
Relative demand function
P=AR and P>MR
P=MC and MC=AC
None of the above
Is the same as economic efficiency
Is achieved when the output produced is maximum for the given level of inputs
Means that there is only one way to produce a given quantity of output
None of the above
Price theory
Demand theory
Supply theory
Income theory
Total units /No. of Revenues
Total Revenue/No. of Units
Marginal Revenue × Units
Total Units/ Price
Yields the same outcome over and over
Can result in behavior that is different from what it would be if the game were played once
Is not possible
Makes cooperative games into noncooperative games
Separately in different cells
Collectively in different cells
Collectively in same cell
Separately in same cell
Stable cobweb model
Perpetual oscillation
Both(a) and(b)
None of them
Greater than one
Equal to one
Less than one but more than zero
None of the above
Increasing marginal utility
Decreasing marginal utility
Zero marginal utility
Negative marginal utility
Lower price in order to increase revenues
Lower price in order to decrease the amount of oil sold
Rise price in order to increase the amount of oil sold
Raise price in order to increase revenues
Stable
Unstable
Negative
Neutral
Increases
Decreases
Remains constant
Becomes zero
An externality is a cost or benefit which is not transmitted through prices
An externality is a cost or benefit which is transmitted through prices
An externality is a production received through external resources
None of the above
They must consume the same amounts of all goods
The wealthier one will have lower marginal utility for most goods
The wealthier one will have higher marginal utility for most goods
They will enjoy the same level of utility
Free good
Economic good
Both of the above
None of the above
Average variable cost
Average fixed cost
Average variable cost + average fixed cost
Marginal costs
Individual demand curve (IDC) is equal to proportional demand curve (PDC)
Individual demand curve (IDC) is greater than proportional demand curve (PDC)
Individual demand curve (IDC) is less than proportional demand curve (PDC)
None of the above
Increase at decreasing rate
Increase at constant rate
Decrease at increasing rate
Increase at increasing rate
An increase in demand
A decrease in demand
An increase in supply
A decrease in supply
Prices of products are assumed to be fixed
The consumer need not to spend all his income
Consumer income is assumed to be fixed
The slope represents relative prices
N.Kaldor
Alfred Marshal
J.M.Keynes
J.S.Duesenberry
Cost to input
Wages to profits
Cost to output
Inputs to output
Law of production
The Law of Equi-Marginal Utility
The Law of Diminishing Marginal Utility
Law of Variable Proportions
important
materialized
accepted
rejected
Hand of God
Market self regulating system
Hands of invisible people
Regulations of government
It is given to a lot of criticism
It is too difficult to be explained
It is based on assumptions which are unreal
Economists do not agree on this