Inelastic demand
Elastic demand
Unit elasticity
Zero elasticity
A. Inelastic demand
Costs per unit of output are lowest
Total profits are highest
Marginal cost is lowest
Profit per unit of output is zero
Exotic behavior
Sympathetic behavior
Myopia behavior
Regular behavior
Industrialists
Prisoners
Common men
Workers
Can be ignored
Cannot be ignored
Partially be ignored
None of the above
Marginal usefulness
Marginal cost
Both of them
None of them
Iso-utility curve
Production possibility line
Isoquant
Consumption possibility line
Vertical summation of individual demand curves
Upward summation of individual demand curves
Downward summation of individual demand curves
Horizontal summation of individual demand curves
AC curve
SC curve
TC curve
None of the above
Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)
Sets of points relating production function that produces less output than possible for a given set of input (labor) i.e. Q < f(L, K)
Use of imported technology
None of the above
In ordinal approach we can separate the income effect from the substitution effect of a price change
In ordinal approach we can study the consumer behavior more closely
In ordinal approach the consumer is assumed more rational
In ordinal approach the consumer has more income
Constant rate
Decreasing rate
Increasing rate
None of the above
Monopoly
Private property
Workable competition
Oligopoly
U
V
P
S(inverted)
Wages of the labor
Charges of electricity
Interest on owned money capital
Payment for raw materials
All factors can be used in different proportions
Management can be re-organized
A firm can experience returns to scale
All of the above
Very good substitutes
Poor substitutes
Good complements
Poor complements
Concave to the origin
Convex to the origin
Positively sloped
Negatively sloped
Move to another indifference curve
Move along given indifference curve
Move to lower indifference curve
Move to upper indifference curve
When he cannot produce at an economic profit
When price falls short of average variable cost at every level of output
When price falls short of average fixed cost at every level of output
When price falls short of average total cost at every level of output
Zero
Its total fixed cost
Its total variable cost
Equal to one
Positive
Negative
Zero
None of the above
A relative term
An economic term
A dynamic term
As a whole term
In the long-run
In the short-run
For luxuries
In the immediate-run
Ratio between price and marginal cost
Extent of monopolistic profit enjoyed by him
Cross-elasticity of demand for the product of the monopolist
Price charged by the monopolist minus marginal cost of production
Negative
Positive
Infinite
Negative infinite
Capital labor ratio
Labor wage ratio
Factor price ratio
Factor labor ratio
Quantity demanded increases
Quantity demanded decreases
Quantity demanded remains constant
Quantity demanded becomes zero
Where the gap between the two is the smallest
Where the gap between the two is the greatest
Where the two become equal
None of the above
Perfect elastic (infinitely elastic)
Relatively elastic (greater than one elasticity)
Unit elastic
Relatively inelastic (less than one elasticity)