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Theory of revealed preference is based on:

A. Weak orderings

B. Neutral orderings

C. Partial orderings

D. Strong orderings

Correct Answer : D.


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  1. In the perfect competition, there is a process of:
  2. All of the following curves are U-Shaped except:
  3. The monopolist often lead to exploitation of:
  4. For a commodity giving large consumers surplus, the demand will be:
  5. If two households have identical preferences but different incomes then:
  6. On the total utility curve the economically relevant range is the portion over which:
  7. By saying that monopolist create a contrived scarcity, economist mean that monopolist:
  8. In the short-run, the competitive firm can maximize its profits (or minimize its losses) by:
  9. MRSxy measures:
  10. If we measure the elasticity of demand with the help of the average and marginal revenue, the formula…
  11. The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:
  12. In joint-profit maximization cartel, central agency sets the:
  13. If the demand curve is inelastic then:
  14. The cost of firms in cournot model are:
  15. In the long-run:
  16. The feasible part of the demand curve for the monopolist who is charging high price will be:
  17. Utility means:
  18. In Revealed Preference Theory, a consumer reveals preference for bundle of:
  19. If X and Y are close substitutes, a fall in price of X will lead to:
  20. Average cost curve contains in it:
  21. An economic model describing the working of an economy consists of:
  22. An income demand curve of an inferior good is:
  23. By reducing the prices of its products below those of its competitors, a perfectly competitive seller:
  24. A firm under perfect competition has:
  25. In case of perfect competition, TR curve rises at a:
  26. Consumers Surplus can also be defined as:
  27. If the production function is homogeneous, the expansion path will be a straight line through the origin…
  28. If price exceeds AVC but in smaller than AC at the best level of output, the firm is:
  29. Consumers are likely to get a variety of similar goods under:
  30. When elasticity of demand is one (e=1), then following the formula MR=P[1-1/e], the MR will: