The pay-off matrix shows:
Possible outcomes
Possible benefits
Possible losses
None of them
Correct Answer :
A. Possible outcomes
Related Questions
The firm is said to be in equilibrium when the difference between revenue and cost is:
Maximum
Minimum
Zero
One
In case of monopoly, the price charged against the additional unit is:
Not different
Same
Not same
Zero
The slope of an iso-quant represents:
MRS
MRT
MRTS
MRPS
A firm considering what type of new plant to build is involved in a:
Immediate-run decision
Market period decision
Short-run decision
Long-run decision
In case of monopoly, both AR and MR fall, but MR falls:
Double to that of AR
1/2 to that of AR
2/3 to that of AR
Four times to that of AR
Increase in demand occurs when:
The price falls and the demand also falls down
The price increases but demand falls down
The price increases the demand remains constant and when the price remains constant the demand goes up
The price remains constant but demand falls
The standard form of demand function is:
Q = a- bP
Y = a- bP
Q = a+ bP
Under monopoly and imperfect competition MC is:
More than the price
Less than the price
Equal to the price
Less than or equal to the price
The utility function u = f(x) is based upon :
Two goods
Few goods
One good
Zero goods
Under price discrimination, the buyers must:
Be similar
Not be similar
Equal
None of the above
Price discrimination is possible:
When elasticities of demand in different markets are the same at the ruling price
When elasticities of demand are different in different markets at the ruling price
When elasticities cannot be known
When elasticities of demands are zero in different markets at the rulling price
If the marginal utility is divided by the price of the commodity then it is called:
Real Marginal Utility
Gross Marginal Utility
Weighted Marginal Utility
Money Marginal Utility
In monopolistic competition, the firm take advantage due to customers:
Similar choices
Unlimited choices
Differential choices
Few choices
Law of Returns to Scale shows:
Technical relationship between input of a variable factor and the resulting output
Any economic relationship between input and output
An output maximizing relationship
A relationship with input changing and corresponding changes in output
In case of complementary factors, the isoquants are:
L-shaped
J-shaped
M-shaped
V-shaped
Which one of the following is also known as Plant Curves:
Long-run average cost (LAC) curves
Short-run average cost (SAC) curves
Average variable cost (AVC) curves
Average total cost (ATC) curves
Identify the economist who first developed the theory of income determination in its modern form:
Paul A.Samuelson
J.M.Keynes
Joan Robinson
Dr.mehboob ul Haq
The costs faced by the firm against fixed factors are:
Total costs
Fixed costs
Variable costs
Marginal costs
Who is the author of Trade Cycle ?
R.Nurkse
R.C.Mathews
W.A.Lewis
K.N.Raj
If the commodity is inferior then Income Effect (I.E) is:
Negative
Positive
Zero
Infinite
The number of sellers in oligopoly are:
Two
Many
Four
Very few
In cournot model, firms make decisions separately regarding:
output
input
price
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When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?
1756
1777
1776
1801
Because of selling costs, the demand curve of a firm shifts:
Downward
Upward
Horizontal
Straight line
In the real world, some competitive firms owns specialized resources that earn a return called:
Economic profit
Rent
Accounting profit
Normal profit
Two policy variables, product and selling activities in the theory of firm was introduced by:
Chamberline
Sraffa
Carl marx
Robinson
Any straight line supply which cuts the x-axis will have:
Zero elasticity
An elasticity greater than one
Unitary elasticity of supply
An elasticity less than one
When a consumer is in equilibrium then slope of indifference curve is:
Equal to the slope of budget line
Greater than the slope of budget line
Smaller than the slope of budget line
Parallel to the slope of budget line
Marginal Productivity Theory deals with the theory of:
Distribution
Exchange
Market structure
Consumer behaviour
An economic model describing the working of an economy consists of:
Functional relationships
Family relationships
Economic position
Stagnant relationships