The slope of an iso-quant represents:
MRS
MRT
MRTS
MRPS
Correct Answer :
C. MRTS
Related Questions
Human wants are:
Thousands
Few
Innumerable
Hundreds
We can obtain consumers demand curve from:
Income Consumption Curve (ICC)
Engels Curve
Price Consumption Curve (PCC)
Production Possibility Curve (PPC)
A firm can never produce in the middle area of input space, in case of:
Concave isoquant
Convex isoquant
Constant isoquant
None of the above
Price mechanism has also given the name:
Labor theory
Production theory
Laisseze-faire
None of the above
The firm producing at the minimum point of the AC curve is said to be:
Operating under diminishing cost
Making optimum use of plant capacity
Operating at excess capacity
Operating under increasing costs
Who wrote Economics of Imperfect Competition?
E.H.Chamberlin
Joan Robinson
E.A.G.Robinson
J.M.Keynes
In Prisoners Dilemma, both the prisoners are interrogated:
Separately in different cells
Collectively in different cells
Collectively in same cell
Separately in same cell
Necessary condition for consumer equilibrium is:
In dominant strategies I am doing the best, I can no matter:
What you do
What you are doing
What you not do
None of them
Formulation of an economic theory involves:
Statements of various assumptions or postulates
Logical deductions from the assumptions made
Testing the hypothesis against empirical evidence
All of the above
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
The total utility is gained by consuming:
The last unit of a good
All the units of a good
The first unit of a good
The average unit of a good
In first degree price discrimination, monopolist takes away :
All of the consumer surplus
All of the producer surplus
Some part of the consumer surplus
None of them
Economics is a:
Physical science
Social science
Natural science
Basic science
Marshalls definition of economics was strongly criticised by:
Adam Smith
Prof.Pigno
Prof. Robbins
J.B.Clark
When there is decrease in demand the demand curve:
Moves (shifts) towards the axis
Moves (shifts) away from the axis
Remains unchanged
All of the above
Production is a function of:
Profits
Costs
Inputs
Price
The costs faced by the firm against fixed factors are:
Total costs
Fixed costs
Variable costs
Marginal costs
Income distribution effects:
The price of complements
The price of substitutes
The market demand for commodities
The individuals scale of performances
If X and Y are close substitutes, a rise in the price of X will lead to:
Increase in demand for Y
Decrease in demand for Y
Decrease in demand for both X and Y
No change in demand for Y
If price exceeds AVC but in smaller than AC at the best level of output, the firm is:
Making a profit
Incurring a loss but should continue to produce in the short-run
Incurring a loss and should stop producing immediately
Making a normal profit
In the case of two factor inputs which are neither perfectly complementary nor perfect substitutes, the iso-product curve will be:
A downward sloping straight line
A downward sloping curve
An upward rising curve
Right angled iso-quants
Chamberline introduces the concept of:
V-shaped selling cost
U-shaped selling cost
V-shaped purchasing material
U-shaped purchasing material
The costs faced by the firm against variable factors are:
Variable costs
Fixed costs
Average costs
Marginal costs
According to critics, the assumption of costless production is:
true
not true
reliable
deniable
Change in quantity demanded refers to:
Upward shift of the demand curve
Downward shift of the demand curve
Movement on the same demand curve
None of the above
The concept of period refers to:
A specific duration of time
A varying duration of time
A duration of time which permits necessary adjustments
A period with calculated intervals
If a ten percent increase in price causes a ten percent reduction in quantity demanded, elasticity of demand is:
Perfectly elastic
Elastic
Unitary elastic
Inelastic
If at the unchanged price, the demand for a commodity goes up, or the quantity demanded remains the same when its price goes up, it is called:
Contraction of demand
Decrease in demand
Increase in demand
Extension of demand
Each SAC represents a particular level of:
Input
Output
Both of them
None of them