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4

The total utility (TU) curve is:

A. Concave to X-axis

B. Convex to X-axis

C. Concave to Y-axis

D. Convex to Y-axis

Correct Answer :

A. Concave to X-axis


Related Questions

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4

When the level of optimal factor combination is over and more labor is employed with the fixed plant, the efficiency of labor:

A. Increases

B. Decreases

C. Remains constant

D. Becomes zero

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4

The advantage of using indifference curves rather than marginal utilities is:

A. We do not need to attach util values to consumption

B. Consumers can attain higher utility

C. It takes into account how much income the household has

D. We can determine how much of one good the consumer is willing to sacrifice in order to consume one more unit of another

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4

When SAC curve rises, SMC curve lies its:

A. Below

B. Above

C. Equal level

D. None of the above

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4

Total profits are maximized at the point where:

A. TR equals TC

B. The TR curve and the TC curve intersect such that TR and TC lie at the same point

C. The TR curve and the TC curve are parallel and TC exceeds TR

D. The TR curve and the TC curve are parallel and TR exceeds TC

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4

All of the following are capital resources except:

A. Warehouses

B. Buildings

C. Dams

D. Share of stock

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4

The firms in non-cooperative games:

A. Enforce contracts

B. Make contracts

C. Make negotiations

D. Do not make negotiations

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4

The situation in between the extremes of the govt. controlled, planned economy and the perfectly free, unplanned economy is known as:

A. Developed economy

B. Laissez-fair economy

C. Mixed economy

D. Capitalistic economy

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4

All of the following curves are U-Shaped except:

A. The AVC curve

B. The AFC curve

C. The AC curve

D. The MC curve

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4

The cost curves of the firm shift due to changes in:

A. Input prices

B. Technological innovations

C. Both of them

D. None of them

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4

According to Robbins, economics is a:

A. Science of wealth

B. Science of national welfare

C. Science of optimality

D. Science of scarcity

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4

Diseconomies of management lead to:

A. Decreasing returns to scale

B. Constant returns to scale

C. Increasing returns to scale

D. maximum returns to scale

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4

The law of variable proportions comes into being when:

A. All factors are variable

B. There is a fixed factor and variable factor

C. All factors are non-variable

D. None of the above

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4

The long run average cost curve is the envelope of:

A. SACs

B. LACs

C. SMCs

D. LMCs

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4

In monopoly, the relationship between average revenue and marginal revenue curves is as follows:

A. Average revenue curve lies above the marginal revenue curve

B. Average revenue curve coincides with the marginal revenue curve

C. Average revenue curve lies below the marginal revenue curve

D. Average revenue curve is parallel to the marginal revenue curve

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4

Under which of the following forms of the market structure does a firm have no control over the price of its product?

A. Monopoly

B. Monopolistic competition

C. Oligopoly

D. Perfect competition

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4

The firm is at equilibrium where:

A. Output is maximum

B. Profit is maximum

C. Revenues are maximum

D. Profit is minimum

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4

Who wrote Mathematical Analysis for Economists?

A. J.P.Lewis

B. R.G.D.Allen

C. Paul A.Samuelson

D. E.D.Domar

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4

The equilibrium conditions, MC = MR = AR = AC, will happen:

A. In the short-run under perfect competition

B. In the long-run under perfect competition

C. In the short-run under monopolistic competition

D. In the long-run under monopolistic competition

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4

Under competitive conditions, the industry will be in equilibrium:

A. When each firm is in equilibrium equating MC with MR

B. When all the firms are earning only normal profits

C. When firms outside have no tendency to enter the industry and those within, have no tendency to leave the industry

D. All of the above

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4

In Edgeworth model, if price falls below competitive price, the demand is:

A. More than maximum output

B. More than minimum output

C. Less than maximum output

D. Less than minimum output

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4

On all points of budget (price) line:

A. Total expenditures increases

B. Total expenditures decreases

C. Total expenditures are zero

D. Total expenditures remain same

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4

Who first used the term Quasi-Rent?

A. David Ricardo

B. Alfred Marshal

C. J.S.Mill

D. Karl Marx

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4

The slope of the iso-cost line (budget line) is determined by:

A. Pricing of two factors

B. Productivity of the two factors

C. Degree of substitutability of two factors

D. None of the above

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4

The products, under monopolistic competition are differentiated, yet they are:

A. Complements

B. Close substitutes

C. Both a and b

D. None of the above

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4

In case of complementary factors, the isoquants are:

A. L-shaped

B. J-shaped

C. M-shaped

D. V-shaped

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4

A firm is a sum of persons who convert:

A. Goods into services

B. Output into inputs

C. Inputs into outputs

D. None of the above

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4

In monopolistic competition, the firm compete on the basis of:

A. Price

B. Entry

C. Both a and b

D. None of the above

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4

The Chamberline model recognizes mutual:

A. Independence of firms

B. Interdependence of firms

C. Independence of individuals

D. Interdependence of materials

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4

The Latin term citeris paribus means:

A. Other things being equal

B. Because of this

C. Due to this

D. All the factors changes at the same rate

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4

The number of sellers in duopoly is:

A. A few

B. Four

C. Two

D. Very large