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4

Total variable cost curve:

A. Steps downwards at first and then upwards

B. Steps upwards, then remains constant and then falls

C. Steps downwards

D. None of the above

Correct Answer :

A. Steps downwards at first and then upwards


Related Questions

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If two goods are complements then indifference curve (IC) will be:

A. Straight line

B. Convex to origin

C. Concave to origin

D. Lshaped

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4

Marginal cost is found with the help of changes in:

A. Total cost or total variable cost

B. Total explicit cost

C. Total fixed cost

D. Total implicit cost

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4

Price effect occurs on the higher IC in case of:

A. Slutsky approach

B. Hicksian approach

C. Marshallian approach

D. None of the above

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4

The cobweb model will divergent when the slope of:

A. Demand curve is more than supply curve

B. Supply curve is more than demand curve

C. Supply curve is equal to demand curve

D. None of the above

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4

At the point where the straight line from the origin is tangent to the TC curve, AC is:

A. Maximum

B. Minimum

C. Equal

D. Lower

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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

Who is the author of Choice of Technique?

A. K.N.Raj

B. Amartiya Sen

C. A.C.Pigou

D. Alfred Marshal

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4

Which cost increases continuously with the increase in production?

A. Average cost

B. Marginal cost

C. Fixed cost

D. Variable cost

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4

Change in quantity demanded refers to:

A. Upward shift of the demand curve

B. Downward shift of the demand curve

C. Movement on the same demand curve

D. None of the above

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4

In microeconomics, we study:

A. Aggregates of the economy

B. Few units of the economy

C. Large units of the economy

D. Individual units of the economy

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4

Who is the author of the famous work Asian Drama: An Enquiry intro the Causes of Poverty of Nations?

A. Irving Fisher

B. J.B.Clark

C. J.M.Keynes

D. Gunnar Myrdal

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4

Some farm land can be used to produce either corn or soybeans. If the demand for corn increases then:

A. The demand for soybeans should increase

B. The supply of soybeans should increase

C. The demand for soybeans should decrease

D. The supply of soybeans should decrease

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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

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4

In monopolistic competition, the real differentiation in products is due to difference in:

A. Style

B. Consumer

C. Cost

D. Material

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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

Perfect competition assumes:

A. All buyers and sellers have perfect knowledge of the market

B. Freedom of entry of firms into the industry

C. Homogeneous product

D. All of the above

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Who first formulated the Marginal Productivity Theory of Distribution?

A. J.B.Clark

B. L.Euler

C. J.A.Schumpeter

D. Alfred Marshal

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Scarcity means:

A. Nil resources

B. Limited resources

C. Many resources

D. Extra resources

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The optimum level of output in long run takes place where:

A. LAC = LMC

B. SAC = LMC

C. SAC =MC

D. SAC =LAC

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According to Chamberline, in monopolistic competition, differentiation is determined by:

A. Choices

B. Preferences

C. Both a and b

D. None of the above

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Which of the following statement is wrong?

A. A utility function refers to a particular individual and reflects the tastes of that individual

B. When the tastes of an individual changes, his utility function changes(shifts)

C. Different individuals usually have different tastes and thus have different utility functions

D. Different individuals have same tastes and thus have the same utility function

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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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The Substitution Effect (S.E) is always:

A. Negative

B. Zero

C. Positive

D. Infinite

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In monopolistic competition, the cost curves of all firms are:

A. Uniform

B. Different

C. Dependent

D. Independent

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In case of short-run, the supply curve of an industry is the horizontal summation of:

A. Marginal cost curves

B. Average cost curves

C. Total cost curves

D. None of the above

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Marginal cost is the cost:

A. Of the last unit of production

B. Of marginal unit

C. Of marginal efficient units

D. Of the average units of production

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Income effect operates through an increase

A. In nominal income

B. In money income

C. In wages

D. In real income because of the fall of price of a commodity

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4

Which of the following pairs of commodities is an example of substitutes?

A. Tea and sugar

B. Tea and coffee

C. Pen and ink

D. Shirt and trousers

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4

If the price of Pepsi Cola goes down, you would predict:

A. An increase in supply of coca cola

B. A decrease in supply of coca cola

C. An increase in demand for coca cola

D. A decrease in demand for coca cola

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If a person behaves against the laws of economics then:

A. He should be condemned

B. He may lose his respect from society

C. He should be punished

D. He should not be punished or even criticised