The ordinal approach was presented by:
Marshal
J.R.Hicks
Adam smith
Rostow
Correct Answer :
B. J.R.Hicks
Related Questions
Variable costs refer to:
Capital cost plus operating costs
Capital costs alone
Capital costs plus spill-over costs
Operating costs alone
The long-run AC curve is constructed from:
The minimum points on all short-run AC curves
The lowest points on the short-run MC curve
The minimum points on the short run AVC curves
It has nothing to do with the short-run cost curves
In a competitive market, price is determined primarily by:
Transportation costs
The interplay of demand and supply
Costs of production
The marginal product of labour
There is no difference between fixed and variable factors in the:
Long run
Short run
Average run
None of the above
According to critics, the assumption of costless production is:
true
not true
reliable
deniable
Economies of large-scale production:
Lead to greater specialization
Offsets the effects of the law the law of comparative advantage
Lead to greater diversification of individual production
Cause firms to use more capital and less labor
A budget line shows:
Quantities of commodity X which a consumer could buy with no amount of Y
Quantities of commodity Y which a consumer could buy with no amount of X
The different combinations of X and Y that the consumer could buy
All of the above
If the supply curve is not a straight line but curvilinear, the elasticity on all points of the supply curve is:
Equal
Different
Zero
Infinity
A monopoly producer usually earns:
Abnormal profits
Only normal profits
Neither profits nor losses
Profits and losses which are uncertain
Consumers Surplus can also be defined as:
Extra price benefits
Shortage of quantity
Surplus of quantity
Difference between actual price and potential price
7.The costs which the firms have to face in order to change the price tags of their products and services are called:
Product costs
Real costs
Menu costs
Nominal costs
In the long-run competitive equilibrium:
There is tendency for firms to enter but not leave the industry
Firms have no tendency either to enter or to leave the industry
Some firms may enter while the others may leave the market even after the equilibrium of the industry
Entry or exit of the firms cannot be predicted
In monopolistic competition, the firm take advantage due to customers:
Similar choices
Unlimited choices
Differential choices
Few choices
In the case of substitutes, the cross demand curve slopes
Downwards to the right
Upwards to the right
Backwards to the right
Inwards at the bottom
The behavior of MC curve is determined by the behavior of the:
AC curve
SC curve
TC curve
None of the above
The General Theory of Employment, Interest and Money is the major work of :
N.Kaldor
Alfred Marshal
J.M.Keynes
J.S.Duesenberry
Any expansion in output by a firm in the short period will always reduce the:
Average variable cost
Average fixed cost
Both average fixed and variable cost
None of the above
On a straight line demand curve, elasticity of demand at the midpoint is:
Equal to zero
Equal to one
Equal to infinity
More than one
The supply curve for the short-run competitive firm is the same as:
Marginal cost curve
Average variable cost curve
That part of the marginal cost curve which equals or is greater than AVC
Average total cost curve
Micro economics is concerned with:
Product markets
Factor markets
Supply and demand
a, b and c
Contraction of demand means:
Less quantity demanded at the same price
Less quantity demanded at a higher price
Less quantity demanded at a lower price
None of the above
With the expansion of output, the short run average cost curve, beyond a point, starts rising because:
Average fixed cost increases sharply
More production yields lower per unit price
The law of variable proportions applies to short run production
Sales expenses become much larger
If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity of demand is:
Perfect elastic (infinitely elastic)
Relatively elastic (greater than one elasticity)
Unit elastic
Relatively inelastic (less than one elasticity)
A fall in demand for the product under monopolistic competition will likely result in:
A fall in price
A decrease in the number of firms in the long-run
A decrease in the output of each firm
All of the above
In case of perfect competition, TR curve rises at a:
Constant rate
Decreasing rate
Increasing rate
None of the above
If Cobb-Douglas production function is homogeneous of degree less than one (n<1), then it shows:
Constant returns to scale
Increasing returns to scale
Decreasing returns to scale
None of the above
The production function of homogeneous of degree one (n=1) is also called:
Linearly homogeneous
Zero homogeneous
Infinite homogeneous
None of the above
In Prisoner Dilemma, the best choice of strategy is:
Stable
Unstable
Negative
Neutral
One way the government can induce a monopolist to expand his output is by imposing:
A specific tax on the monopolists output
A price ceiling that make the monopolist lower his price
A price floor that make the monopolist raise his price
A heavy tax on the monopolists profit
Income effect operates through an increase
In nominal income
In money income
In wages
In real income because of the fall of price of a commodity