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The main objective of the firm is to:

A. Face losses

B. Avoid losses

C. Bear losses

D. Make economic decisions

Correct Answer : D.


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  1. In economic term water is a:
  2. According to Marginalists, the price of any commodity is determined by:
  3. At low prices, demand is likely to be:
  4. With an increase in income, consumer is expected to buy more of:
  5. The combination of labor and capital where the cost of a given output is minimized is known as:
  6. Given a U shaped average cost curve, the relationship between average cost and marginal cost is such…
  7. Total fixed costs are:
  8. In Prisoners Dillemma, the players are:
  9. Market demand curve is:
  10. A fall in demand for the product under monopolistic competition will likely result in:
  11. The largest possible loss that a firm will make in the short run is:
  12. In arriving at stable equilibrium in cournot model, if one firm decreases output the other firm will:
  13. The Hicksian demand curve includes:
  14. Cross-demand curve shows:
  15. Who first formulated the Marginal Productivity Theory of Distribution?
  16. In the long-run competitive equilibrium:
  17. Rational economic behavior on the part of the consumer means that he will:
  18. The number of sellers in oligopoly are:
  19. In 1932, The nature and significance of economic science was written by:
  20. The average cost curve is a geometrical illustration of:
  21. 7.The costs which the firms have to face in order to change the price tags of their products and services…
  22. Increasing returns is not caused by:
  23. When total revenues equal to total opportunity cost then the firm will earn:
  24. Nash Equilibrium is stable:
  25. When a consumer reached at the point of saturation then marginal utility (MU) is:
  26. The supply curve for the short-run competitive firm is the same as:
  27. In the long run:
  28. Which is the correct statement?
  29. The demand for cigarettes is price inelastic implying a unit tax on this commodity will
  30. Which of the following theories of trade cycle was presented by William Jevons?