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4

Total costs are:

A. TFC TVC

B. TFC/TVC

C. TVC/TFC

D. TFC +TVC

Correct Answer :

D. TFC +TVC


Related Questions

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4

Neutral Technological Progress can be defined as:

A. Technological progress that causes to raise the marginal product of capital and labor in the same proportion

B. Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor

C. Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital

D. None of the above

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4

Extension (expansion) and contraction of demand are result of:

A. Change in consumers income

B. Change in consumers tastes

C. Change in price

D. None of the above

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4

In economics, Externality means:

A. An externality is a cost or benefit which is not transmitted through prices

B. An externality is a cost or benefit which is transmitted through prices

C. An externality is a production received through external resources

D. None of the above

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4

In monopoly:

A. The producer will often produce a volume that is less than the amount which would maximize the social welfare.

B. The producer will often produce a volume that is more than the amount which would maximize the social welfare.

C. The consumers will often consume a volume that is more than the amount which would maximize the social welfare.

D. None of the above

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4

The good will highest income elasticity is:

A. Beef

B. Mutton

C. Bread

D. Motion-picture tickets

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4

For a commodity giving large consumers surplus, the demand will be:

A. Less elastic

B. More elastic

C. Unit elastic

D. Zero elastic

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4

Economic laws are:

A. Conditional

B. Moral by nature

C. Predicted

D. Like laws of sports

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4

In cournot model firms:

A. Cannot make price adjustments

B. Can make price adjustments

C. Can adjust number of customers

D. None of the above

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4

In discriminating monopoly (price discrimination), the elasticity of demand of product in two markets are:

A. Different

B. Same

C. Zero

D. None of the above

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4

Slope of a demand curve is:

A. Not relevant to elasticity

B. The only factor determining elasticity

C. Only one of the factors influencing elasticity

D. None of the above

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4

The right of individuals to control productive resources is known as:

A. Monopoly

B. Private property

C. Workable competition

D. Oligopoly

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4

J.R.Hicks was:

A. Neo-classical economist

B. Classical economist

C. Keynesian economist

D. Post-Keynesian economist

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4

At a point where a straight line demand curve meets the price axis (Y-axis), the elasticity of demand is:

A. Equal to one

B. Less than one

C. Equal to zero

D. Equal to infinite

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4

Which of the following formulae explain the term average revenue?

A. Total units /No. of Revenues

B. Total Revenue/No. of Units

C. Marginal Revenue × Units

D. Total Units/ Price

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4

If in the long run all factor inputs are increased three times and the resulting output is four times as before, it is a case of:

A. Decreasing returns to scale

B. Variable returns to scale

C. Constant returns to scale

D. Increasing returns to scale

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4

The low cost price leader will charge:

A. higher prices

B. zero prices

C. lower prices

D. specific prices

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4

In monopolistic competition, the customers are attached with one product because of:

A. Product similarity

B. Product differentiations

C. Product inferiority

D. None of the above

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4

The Lambda or Langrange Multiplier is a:

A. Analyst

B. Catalyst

C. Pessimist

D. Optimist

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4

The budget constraint can be written as:

A. X.PX + Y.PY = 1

B. X.PX + Y.PY < 1

C. X.PX + Y.PY > 1

D. X.PX + Y.PY = 0

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4

Returns to scale is a:

A. Timeless phenomenon

B. Short run phenomenon

C. Long run phenomenon

D. None of the above

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4

Cross-elasticity of demand or cross-price elasticity between two independent goods will be:

A. Negative

B. Positive

C. Infinite

D. Zero

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4

If the commodity is inferior then:

A. Income effect is positive but substitution effect is negative

B. Income effect is negative but substitution effect is positive

C. Both income effect and substitution effect are negative

D. Both income effect and substitution effect are positive

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4

If by doubling all inputs in the long run output is less than double, it is a case of:

A. Increasing returns to scale

B. Decreasing returns to scale

C. Constant returns to scale

D. Variable returns to scale

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4

If production increases under constant returns to scale, the cost will:

A. Increase at a constant rate

B. Decrease at a constant rate

C. Increase at a variable rate

D. Decrease at a variable rate

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4

Because the price elasticity of demand for OPEC oil is approximately .08, in order to increase revenues OPEC should:

A. Lower price in order to increase revenues

B. Lower price in order to decrease the amount of oil sold

C. Rise price in order to increase the amount of oil sold

D. Raise price in order to increase revenues

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4

When total revenue (TR) falls in monopoly then elasticity of demand is:

A. E =1

B. E >1

C. E <1

D. E =0

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4

A demand schedule is shown as:

A. A function of price alone

B. A result of change in tastes

C. A result of increase in the size of the family

D. None of the above

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4

Change in demand refers to:

A. Movement on the same demand curve

B. Upward shift of the demand curve

C. Downward shift of the demand curve

D. Upward or downward shift of the demand curve

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4

If the commodity is inferior then the Income Effect (I.E) and the Substitution Effect (S.E):

A. Both move together and reinforce each other

B. One moves and the other remains constant

C. Move in the opposite direction and neutralize each other

D. Both remain constant

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4

According to Chamberlin, the activity of a monopolistic competitive firm:

A. Get noticed by the rival firms

B. Get unnoticed by the rival firms

C. Get noticed by the employees of the rival firms

D. None of the above