Technological progress that causes to raise the marginal product of capital and labor in the same proportion
Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor
Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital
None of the above
Change in consumers income
Change in consumers tastes
Change in price
None of the above
An externality is a cost or benefit which is not transmitted through prices
An externality is a cost or benefit which is transmitted through prices
An externality is a production received through external resources
None of the above
The producer will often produce a volume that is less than the amount which would maximize the social welfare.
The producer will often produce a volume that is more than the amount which would maximize the social welfare.
The consumers will often consume a volume that is more than the amount which would maximize the social welfare.
None of the above
Beef
Mutton
Bread
Motion-picture tickets
Less elastic
More elastic
Unit elastic
Zero elastic
Conditional
Moral by nature
Predicted
Like laws of sports
Cannot make price adjustments
Can make price adjustments
Can adjust number of customers
None of the above
Different
Same
Zero
None of the above
Not relevant to elasticity
The only factor determining elasticity
Only one of the factors influencing elasticity
None of the above
Monopoly
Private property
Workable competition
Oligopoly
Neo-classical economist
Classical economist
Keynesian economist
Post-Keynesian economist
Equal to one
Less than one
Equal to zero
Equal to infinite
Total units /No. of Revenues
Total Revenue/No. of Units
Marginal Revenue × Units
Total Units/ Price
Decreasing returns to scale
Variable returns to scale
Constant returns to scale
Increasing returns to scale
higher prices
zero prices
lower prices
specific prices
Product similarity
Product differentiations
Product inferiority
None of the above
Analyst
Catalyst
Pessimist
Optimist
X.PX + Y.PY = 1
X.PX + Y.PY < 1
X.PX + Y.PY > 1
X.PX + Y.PY = 0
Timeless phenomenon
Short run phenomenon
Long run phenomenon
None of the above
Negative
Positive
Infinite
Zero
Income effect is positive but substitution effect is negative
Income effect is negative but substitution effect is positive
Both income effect and substitution effect are negative
Both income effect and substitution effect are positive
Increasing returns to scale
Decreasing returns to scale
Constant returns to scale
Variable returns to scale
Increase at a constant rate
Decrease at a constant rate
Increase at a variable rate
Decrease at a variable rate
Lower price in order to increase revenues
Lower price in order to decrease the amount of oil sold
Rise price in order to increase the amount of oil sold
Raise price in order to increase revenues
E =1
E >1
E <1
E =0
A function of price alone
A result of change in tastes
A result of increase in the size of the family
None of the above
Movement on the same demand curve
Upward shift of the demand curve
Downward shift of the demand curve
Upward or downward shift of the demand curve
Both move together and reinforce each other
One moves and the other remains constant
Move in the opposite direction and neutralize each other
Both remain constant
Get noticed by the rival firms
Get unnoticed by the rival firms
Get noticed by the employees of the rival firms
None of the above