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The ordinal approach was presented by:

A. Marshal

B. J.R.Hicks

C. Adam smith

D. Rostow

Correct Answer : B.


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  2. The giffen paradox is an exception to law of:
  3. Total profits are maximized at the point where:
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  5. Implicit costs are the costs:
  6. On the total utility curve the economically relevant range is the portion over which:
  7. The monopolist often lead to exploitation of:
  8. In long run competitive equilibrium:
  9. Production function relates:
  10. In centralized cartel, the firms are like:
  11. Which one of the following has been the most influential work of F.H.Knight?
  12. The critics of Sweezy model say that kink generates:
  13. In Recardian theory of value, the stress has been made on:
  14. If both demand and supply were to increase then:
  15. The elasticity of substitution measures the percentage change in the ratio of inputs when any producer…
  16. When the law of demand operates the demand curve:
  17. The Law of Diminishing Marginal Returns can be explained in terms of:
  18. Income distribution effects:
  19. In case of complementary factors, the isoquants are:
  20. The output where TC = TR & AC = AR:
  21. Plumbing and pipe-fitting require many of the same skills. If the wage paid to pipe-fitters increased…
  22. An exceptional demand curve is:
  23. Under competitive conditions, the industry will be in equilibrium:
  24. If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then…
  25. If a consumer buys a product that costs Rs.3 and provides an additional 18 units of satisfaction, then…
  26. The standard form of demand function is:
  27. Which of the following is not a feature of isoproduct curves?
  28. When the slope of a demand curve is infinite (also known as horizontal demand curve) then elasticity…
  29. On a straight line demand curve, elasticity of demand at the midpoint is:
  30. Which of the following is not a characteristic of a perfectly competitive market?