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Under Bandwagon effects, people use those goods which are used by their:

A. Friends

B. Relatives

C. Family

D. All of them

Correct Answer : D.


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  1. In perfectly competitive markets, the profit maximization rule can be represented by:
  2. The products, under monopolistic competition are differentiated, yet they are:
  3. If the commodity is normal then the Income Effect (I.E) and the Substitution Effect (S.E):
  4. Demand is elastic when the coefficient of elasticity is:
  5. Which of the following theories of trade cycle was presented by William Jevons?
  6. Total utility:
  7. If a firm produces zero output in the short period then which statement is true?
  8. In cournot model, at equuilibrium when MC = MR, the elasticity of demand is:
  9. The ordinary demand curve is also called:
  10. In economist the term invisible hand is refers to:
  11. If a ten percent increase in price causes a ten percent reduction in quantity demanded, elasticity of…
  12. A firm in a position of equilibrium is supposed to be maximizing:
  13. The Tit for Tat strategy means cooperation by the 2nd firm if:
  14. The engineering production function and engineering costs curves are concerned with the:
  15. Rent is a creation of value, not of wealth who made this observation?
  16. With firms having cost differences under perfect competition, a firm, which earns normal profit in the…
  17. Under perfect competition, a firm will be in equilibrium if:
  18. Kinked Demand Curve is consistent with which one of the following market situations?
  19. A monopoly producer usually earns:
  20. The horizontal demand curve for a commodity shows that its demand is:
  21. The study of economic theory for the sake of certain objective is called:
  22. At the shut-down point in perfect competition:
  23. When price increases and with it the total outlay on a commodity also increases, it is a case of:
  24. In modern theory of costs, a firm normally utilizes:
  25. In case of giffin good, price effect is:
  26. The modern cost curves are based upon the idea of:
  27. Gold is bought and sold in a:
  28. A monopolist is:
  29. The supply curve for the short-run competitive firm is the same as:
  30. The line from the origin to a point on an isoquant shows: