stable cartel
unstable cartel
prominent cartel
special cartel
B. unstable cartel
We do not need to attach util values to consumption
Consumers can attain higher utility
It takes into account how much income the household has
We can determine how much of one good the consumer is willing to sacrifice in order to consume one more unit of another
X.PX + Y.PY = 1
X.PX + Y.PY < 1
X.PX + Y.PY > 1
X.PX + Y.PY = 0
Equal to one
Less than one
Equal to zero
Equal to infinite
Concave to X-axis
Convex to X-axis
Concave to Y-axis
Convex to Y-axis
Increases
Remains the same
Diminishes
Zero
Labor theory of value
Individual theory of value
Producer theory of value
Consumer theory of value
Choices
Preferences
Both a and b
None of the above
Higher marginal valuation for consumer
Lower marginal cost for producer
Higher marginal cost for producer
Both (a) and (c)
Demand curve for sugar will shift downward (leftward)
Supply curve for sugar will shift leftward (upward)
Demand curve for bread will shift downward (leftward)
None of the above
MU < P
MU >P
MU = P
MU = 0
Quantity exchanged would fall and price would rise
Quantity exchanged and price would both fall
Quantity exchanged would rise and price might rise or fall
Quantity exchanged and price would both rise
Income level
Satisfaction level
Marginal rate of substitution
Demand level
Increased
Equalized
Prominent
Zero
Competitive firm
Oligopolistic firm
Monopolist firm
None of the above
Both price and output
Either price or output
Neither price nor output
None of the above
Cost of raw materials
Cost of equipment
Interest payment on past borrowing
Payment of rent on buildings
Cannot be changed
Can be changed
Can partially be changed
None of the above
Cardinal approach
Ordinal approach
Consumer approach
Production approach
The price is below equilibrium
The price is at equilibrium
The price must fall
We cannot tell anything about the price
Perfect elasticity (infinitely elastic)
Perfect inelasticity (zero elasticity)
Unit elasticity
Zero elasticity (infinitely inelastic)
Slutsky approach
Hicksian approach
Marshallian approach
None of the above
The MU/P ratio has decreased
Of the income and substitution effects
Consumers tend to feel poorer when prices fall
When price falls the demand curve shifts right
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
Average requirement for it in any given place
Amount of it wanted at any given price
Amount that people would like to buy during a period at different prices
Quantity needed to maintain a given standard of living
Decreasing returns to scale
Variable returns to scale
Constant returns to scale
Increasing returns to scale
That each firm can influence the price
No single firm can influence the price
Any single firm can influence the supply condition in the market
Any single firm can influence both supply and price in the market
Inelastic demand
Elastic demand
Unit elasticity
Zero elasticity
Constant returns to scale
Increasing returns to scale
Decreasing returns to scale
None of the above
Constant
On increasing
Independent
Indeterminate
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