The main contribution of Alfred Marshal is in the field of:
Research in mathematical economics
Economics of labor
Theory of production
Theory of demand
Correct Answer :
D. Theory of demand
Related Questions
Demand is elastic when the coefficient of elasticity is:
greater than zero
less than one
greater than one
less than one
Revealed Preference Theory was presented by:
Ricardo
Adam Smith
Pigou
Samuelson
Competitors in monopolistic competition have full control over:
The price of their product
Product quality
The shape of the market demand curve
The elasticity of product substitution
The difference between the average total cost and average variable cost as output increases will:
Increases
Remains the same
Diminishes
Zero
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
Quantity demanded or supplied is measured in:
Monetary units
Physical units
Relative units
Constant units
The proportional demand curve in monopolistic competition (also in kinked demand curve model), is like industry demand curve in:
Monopolistic competition
Imperfect competition
Monopoly
Perfect competition
In monopolistic competition, because of difference in choices, the firm charges:
Different prices
Similar prices
High prices
Low prices
The relationship between MC and MP shown by the marginal cost concept is:
Inverse
Direct
Negative
Positive
A firm will be in equilibrium when the lowest isocost is:
Tangent to the lowest isoquant
Tangent to the given isoquant
Above the given isoquant
Below the given isoquant
Microeconomics is also known as:
Price theory
Demand theory
Supply theory
Income theory
A price is a ratio of exchange between:
Money and exchange
Quantity and production
Production and consumption
Money and quantity
The number of sellers in oligopoly are:
Two
Many
Four
Very few
The situation of single buyer and single seller is called:
Monopoly
Multi-plant monopolist
Bilateral monopoly
Price discrimination
Elasticity (E) expressed by the term, 1>E>0, is:
Perfectly elastic
Relatively elastic
Unitary elastic
Relatively inelastic
4.The Law of Diminishing Returns according to the modern view, applies to:
Agriculture
All fields of production
Industry
Services
Total Utility (TU) curve:
Always rises
Always falls
First falls and then rises
First rises and then falls
Supply and demand changes have their most rapid impact in:
Auction market
Contract markets
Market for commercial office space
Natural gas market
If the slope of the isoquant is equal to the slope of isocost, then isoquant is:
Concave to the origin
Convex to the origin
Tangent to the origin
None of the above
In the long-run:
Fixed cost will be greater than variable cost
Variable costs will be greater than fixed costs
All costs are variable costs
All costs are fixed costs
When elasticity of demand is one (e=1), then following the formula MR=P[1-1/e], the MR will:
Positive
Negative
Zero
None of the above
The main contribution of Prof. Lord Keynes is in the field of:
Determination of the rate of interest
Determination of the market price
Determination of the wage rate
Determination of production of firm
MC curve is:
L-shaped
U-shaped
V-shaped
Both a and b depending on situation
The central problem of economics is:
Declining productivity
Increasing consumption
Limited material wants
Limited resources and unlimited wants
In sweezy model (kinked demand curve model), the role of MC curve:
Can be ignored
Cannot be ignored
Partially be ignored
None of the above
Duopoly is a market where there are:
Two sellers
A few sellers
Five sellers
Many sellers
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
Price discrimination occurs when:
Different prices are charged to different consumers for homogenous products
Same prices are charged for differentiated products
Different prices are charged for homogenous goods for successive units to the same customer
Any of the above condition is present
The Lambda or Langrange Multiplier is a:
Analyst
Catalyst
Pessimist
Optimist
In the theory of firm, Chamberline presented the idea of:
Rising cost
Falling cost
Rising input
Falling input