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4

Two policy variables, product and selling activities in the theory of firm was introduced by:

A. Chamberline

B. Sraffa

C. Carl marx

D. Robinson

Correct Answer :

A. Chamberline


Related Questions

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In case of income effect, the level of consumers satisfaction rises when:

A. Income rises

B. Income falls

C. Sales rises

D. Price falls

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4

Who formulated the Post-Keynsian Theory of Distribution and Growth?

A. J.M.Keynes

B. N.Kaldor

C. C.P.Kindleberger

D. Irving Fisher

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4

Demand of a commodity is elastic when:

A. Change in its price causes a proportionately greater change in its quantity demanded

B. Change in its price does not change its quantity demanded

C. Change in consumers income causes change in demand

D. None of the above

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4

The proportional demand curve in monopolistic competition (also in kinked demand curve model), is like industry demand curve in:

A. Monopolistic competition

B. Imperfect competition

C. Monopoly

D. Perfect competition

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4

If price exceeds AVC but in smaller than AC at the best level of output, the firm is:

A. Making a profit

B. Incurring a loss but should continue to produce in the short-run

C. Incurring a loss and should stop producing immediately

D. Making a normal profit

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4

The factors of production in perfect competition are:

A. Stagnant

B. Mobile

C. Immobile

D. Rare

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The costs faced by the firm against variable factors are:

A. Variable costs

B. Fixed costs

C. Average costs

D. Marginal costs

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4

Marginal Productivity Theory deals with the theory of:

A. Distribution

B. Exchange

C. Market structure

D. Consumer behaviour

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Micro economics is concerned with:

A. Product markets

B. Factor markets

C. Supply and demand

D. a, b and c

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4

The number of sellers in oligopoly are:

A. Two

B. Many

C. Four

D. Very few

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The relationship between AC and MC curves depend upon the behavior of:

A. AP curves

B. MP curves

C. Both of them

D. None of them

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4

A good tends to have relatively inelastic demand, if:

A. Close substitutes are available

B. It has a high price

C. It is a luxury

D. It has no very close substitutes

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4

The optimal strategy for a player is termed as:

A. Recessive strategy

B. Dormant strategy

C. Dominant strategy

D. Hidden strategy

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4

In measuring price-elasticity:

A. Price is a dependent variable and quantity is an independent variable

B. Price is an independent variable and quantity is a dependent variable

C. Price and quantity both are independent variables

D. Price and quantity both are dependent variables

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4

Dumping is international discriminating:

A. Monopoly

B. Oligopoly

C. Duopoly

D. None of the above

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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 sweezy model (kinked demand curve model), the role of MC curve:

A. Can be ignored

B. Cannot be ignored

C. Partially be ignored

D. None of the above

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4

In a socialist (communist) economy the invisible hand:

A. Guides most resource allocation decisions

B. Operates effectively only in the labor market

C. Operates effectively only in the market for capital

D. Is prevented from operating effectively

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4

Price elasticity of demand can be measured in the following way:

A. Percentage change in quantity demanded of a commodity divided by percentage change in price of that commodity

B. Change in quantity demanded of a commodity divided by change in price of that commodity

C. Percentage change in price of a commodity divided by percentage change in quantity demanded of that commodity

D. None of that commodity

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The slope of indifference curve shows:

A. Income level

B. Satisfaction level

C. Marginal rate of substitution

D. Demand level

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4

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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A typical demand curve cannot be:

A. Convex to the origin

B. Concave to the origin

C. A straight line

D. Rising upwards to the right

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The production function of homogeneous of degree one (n=1) is also called:

A. Linearly homogeneous

B. Zero homogeneous

C. Infinite homogeneous

D. None of the above

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Monopoly means:

A. Where there is no retail trade and every thing is sold on wholesale basis

B. Where trading of a particular commodity is controlled exclusively by one firm

C. Where many people sell only one commodity

D. A form of business organization in which only single proprietorship exists

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The firm is said to be in equilibrium when the difference between revenue and cost is:

A. Maximum

B. Minimum

C. Zero

D. One

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The amount of income left over for a consumer in equilibrium is :

A. Consumer surplus

B. Zero

C. Two rupees

D. Excess demand

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The Purchasing Power Parity (PPP) Theory is presented by:

A. J.M.Keynes

B. E.D.Domar

C. Adam Smith

D. Gustav Cassel

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The long run average cost curve is the envelope of:

A. SACs

B. LACs

C. SMCs

D. LMCs

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Demand for a commodity is elastic when it has

A. Only one use

B. Many uses

C. Uses which cannot be postponed

D. Uses very essential for the consumer

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A firm enjoys maximum control over the price of its product under:

A. Monopoly

B. Perfect competition

C. Oligopoly

D. Imperfect competition