The price of only Y is varied
The price of only X is varied
The prices of both Y and X are varied
None of the above
B. The price of only X is varied
1910
1945
1900
1940
Many goods have no effective substitutes
Nearly all goods have substitutes
The prices of substitute goods must be the same
Buyers will stop buying a good if its price rises
Perfectly elastic (infinitely elastic)
Relatively elastic (greater than one elasticity)
Unitary elastic
Relatively inelasticity (less than one elasticity)
Law of production
The Law of Equi-Marginal Utility
The Law of Diminishing Marginal Utility
Law of Variable Proportions
MP is positive
MP is negative
MP is falling
MP is rising
Rising
Falling
Parallel to X-axis
Parallel to Y-axis
Product similarity
Product differentiations
Product inferiority
None of the above
Lowest isoquant
Lowest isocost line
Highest isoquant
Highest isocost line
Is only one technique of production
Are few techniques of production
Are many techniques of production
Are two techniques of production
TR function
AR function
MR function
AP function
Demand becomes less elastic
Elasticity does not change
Demand has unitary elasticity
Demand becomes more elastic
S.Kuznets
H.Liebenstein
A.O.Hirshman
Alfred Marshal
Always
Never
When LAC is falling
Only at that level of output when LAC is at its minimum
Highly elastic
Perfectly inelastic
Fairly elastic
Moderately elastic
Cannot make price adjustments
Can make price adjustments
Can adjust number of customers
None of the above
The cost of producing any given output
The various combinations of input that could be employed in production of any given quantity of output
The various combinations of input that should be used in producing any given quantity of output in an efficient manner
The maximum profit level of output
Alfred Marshal
Adam Smith
Karl Marx
George Stigler
Fixed cost will be greater than variable cost
Variable costs will be greater than fixed costs
All costs are variable costs
All costs are fixed costs
Adam Smith
Prof.Pigno
Prof. Robbins
J.B.Clark
Cost to input
Wages to profits
Cost to output
Inputs to output
Also lower their prices
Increase their prices
Show no reaction
None of the above
Political economy
Household Management
Production and consumption
Financial Accounting
Only under socialism(communism)
Only under capitalism
Under both (a) and (b)
None of the above
Falling when average cost is falling
Rising when average cost is falling
Falling when average cost is rising
Rising when average cost is rising
Oligopoly
Perfect competition
Imperfect competition
None of the above
Downward to the left
Downward to the right
Upward to the right
Upward to the left
Increases
Remains the same
Diminishes
Zero
Save as much of his income as possible
Spend as much of his income as possible
Buy everything at the lowest possible price
Make wise choices among available economic goods
Physical units
Monetary units
Constant units
Current units
Unitary elastic demand
Perfectly elastic demand
Perfectly inelastic demand
Relatively elastic demand