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Traditionally, the study of determination of price is called:

A. Theory of price

B. Theory of value

C. Theory of labor

D. Theory of cost

Correct Answer : B.


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  1. In monopoly, new firms:
  2. In case of income effect, the level of consumers satisfaction rises when:
  3. According to translog production function, elasticity of substitution is:
  4. When in a market, the number of buyers is very large and the number of sellers is very small, it is…
  5. According to Marshal, the Law of Diminishing Marginal Utility:
  6. In economic term water is a:
  7. A demand curve which is horizontal and parallel to x-axis represents:
  8. Law of Diminishing Marginal Utility is practically untrue because:
  9. If in the long run, output increases in the same proportion as increase in all the input in the given…
  10. Cross-elasticity of demand or cross-price elasticity between two independent goods will be:
  11. According to Chamberline, in monopolistic competition, differentiation is determined by:
  12. The concept of product differentiation was firstly introduced by:
  13. If the commodity is normal then the Income Effect (I.E) and the Substitution Effect (S.E):
  14. Any straight line supply which cuts the x-axis will have:
  15. Identify the economist who first developed the theory of income determination in its modern form:
  16. The goods sold by firms under monopolistic competition are technological as well as:
  17. If the consumers expect that the price of computers will decrease in next year then:
  18. MRSxy measures:
  19. Scarcity means:
  20. Which one of the following has been the most influential work of F.H.Knight?
  21. In long run competitive equilibrium:
  22. The nominal income of a consumer is income in terms of:
  23. Production is a function of:
  24. In context of oligopoly, the kinky demand curve (kinked demand curve) hypothesis is designed to explain:
  25. All money costs can be regarded as:
  26. When at a given price, the quantity supplied of a commodity is more than the quantity demanded, there…
  27. In the case of a normal goods, the income effect:
  28. Cross-elasticity of demand or cross-price elasticity between two substitutes will be:
  29. Microeconomics is also known as:
  30. An iso-product (an isoquant) curve slopes: