Utility means:
The want- satisfying power of a commodity
Usefulness of commodity
Eating of commodity
None of these
Correct Answer :
A. The want- satisfying power of a commodity
Related Questions
As the price of diamond is higher, so it has:
Higher marginal valuation for consumer
Lower marginal cost for producer
Higher marginal cost for producer
Both (a) and (c)
Law of Variable Proportions is regarding in:
Short-Run
Long-Run
Medium-Run
None of the above
All money costs can be regarded as:
Social costs
Opportunity costs
Explicit costs
Implicit costs
Economics is a:
Exact science
Inexact science
Pure science
All of the above
In Revealed Preference Theory, a consumer reveals preference for bundle of:
Two goods
A few goods
One good
Many goods
The average product is given as:
Q.L
Q- L
Q+ L
Q/L
When the demand curve is rectangular hyperbola, it represents:
Unitary elastic demand
Perfectly elastic demand
Perfectly inelastic demand
Relatively elastic demand
The standard form of demand function is:
Q = a- bP
Y = a- bP
Q = a+ bP
The reaction curve of a firm is attained by joining the:
Isoprofit curve
Super profit curve
Normal profit curve
Indoprofit curve
Which of the following is not a feature of isoproduct curves?
Are downward sloping to the right
Show different input combination producing the same output
Intersect each other
Are convex to the origin
The pay-off matrix shows:
Possible outcomes
Possible benefits
Possible losses
None of them
If the commodity is normal then Income Effect (I.E) is:
Negative
Positive
Zero
Infinite
The Latin term citeris paribus means:
Other things being equal
Because of this
Due to this
All the factors changes at the same rate
In monopoly, new firms:
Can enter and exit
Partially can enter and exit
Cannot enter
None of the above
The costs faced by the firm against fixed factors are:
Total costs
Fixed costs
Variable costs
Marginal costs
In case of budget line, we get pairs of two goods where consumers income is:
Fully spent
Half spent
Partially spent
Correctly spent
Cross-elasticity of demand or cross-price elasticity between two perfect complements will be:
Negative
Positive
Infinite
Negative infinite
Economics is a:
Physical science
Social science
Natural science
Basic science
Which of the following statement is wrong?
A utility function refers to a particular individual and reflects the tastes of that individual
When the tastes of an individual changes, his utility function changes(shifts)
Different individuals usually have different tastes and thus have different utility functions
Different individuals have same tastes and thus have the same utility function
We can obtain consumers demand curve from:
Income Consumption Curve (ICC)
Engels Curve
Price Consumption Curve (PCC)
Production Possibility Curve (PPC)
The substitution effect works to encourage a consumer to purchase more of a product when the price of that good is falling because:
The consumers real income has increased
The consumers real income has decreased
The product is now relatively less expensive than before
Other products are now less expensive than before
Scarcity is:
A relative term
An economic term
A dynamic term
As a whole term
Firms average and marginal revenues are equal under:
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
Which of the following is assumed to be constant when drawing a demand curve?
Consumer tastes
Prices of inputs
Technology
Number of sellers
If the commodity is normal then fall in price will result in:
Increase the quantity demanded
Fixed the quantity demanded
Decrease the quantity demanded
None of the above
All of the following curves are U-Shaped except:
The AVC curve
The AFC curve
The AC curve
The MC curve
The number of firms in monopolistic competition normally range between:
14 to 28
14 to 80
14 to 38
14 to 60
Price mechanism has also given the name:
Labor theory
Production theory
Laisseze-faire
None of the above
In cournot model, during the process of adjustment, the number of firms:
Donot change
Change
Both a and b
None of the above
The main contribution of Prof. R.G.D.Allen is in the field of:
fixation of price
Arc elasticity of demand
Cross elasticity of demand
Wage theory