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What is the correct answer?

4

We can measure consumers surplus with the help of

A. TU curve

B. MU curve

C. Supply curve

D. None of the above

Correct Answer :

B. MU curve


Related Questions

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4

Compared to perfect competition, a monopolist will charge:

A. Charges a high price

B. Produce more output

C. Increase economic efficiency

D. None of the above

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4

Contraction of demand means:

A. Less quantity demanded at the same price

B. Less quantity demanded at a higher price

C. Less quantity demanded at a lower price

D. None of the above

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4

Selling costs are incurred under monopolistic competition to:

A. Attract more customers

B. Prevent its customers from going to others

C. Establish superiority of its product on the others

D. All of the above

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4

In cournot model, during the process of adjustment, the number of firms:

A. Donot change

B. Change

C. Both a and b

D. None of the above

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4

A producer attains the least cost combination when the relation between Marginal Rate of Technical Substitution (MRTS) and price (P) of the factors x and y is:

A.

B.

C.

D.

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4

Which of the following is not a characteristic of a perfectly competitive market?

A. There is perfect information about prices

B. All participants in the market are small relative to the size of the overall market

C. There are many buyers and sellers

D. Buyers and sellers do not know each other

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4

Who finalized the model of imperfect competition?

A. Ricardo

B. Marshal

C. Chamberlin

D. Mrs. Robinson

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4

Price discrimination occurs when:

A. Different prices are charged to different consumers for homogenous products

B. Same prices are charged for differentiated products

C. Different prices are charged for homogenous goods for successive units to the same customer

D. Any of the above condition is present

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4

The indifference curve technique:

A. Helps in separating the income effect and the substitution effect

B. Does not help in separating the two effects

C. Mixed up the two effects

D. None of the above

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4

If a new production technology for producing compact discs is developed and new firms are attracted to this field:

A. The supply curve will shift down or right

B. The supply curve will shift up or left

C. Both demand and supply curve shifts would occur

D. None of the above

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4

In second degree price discrimination, monopolist takes away :

A. All of the consumer surplus

B. All of the producer surplus

C. Some part of the consumer surplus

D. None of them

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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

If by doubling all inputs in the long run output is less than double, it is a case of:

A. Increasing returns to scale

B. Decreasing returns to scale

C. Constant returns to scale

D. Variable returns to scale

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4

Capital and Development Planning is the work of:

A. S.Chakravarty

B. J.S.Mill

C. A.C.Pigou

D. F.W.Taussig

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4

In the theory of firm, Chamberline presented the idea of:

A. Rising cost

B. Falling cost

C. Rising input

D. Falling input

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4

A monopolist is able to maximize his profit when:

A. His output is maximum

B. He charges a high price

C. His average cost is minimum

D. His marginal revenue is equal to marginal cost

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4

In long run competitive equilibrium:

A. Every firm will earn economic profit

B. Every firm will incur losses

C. Every firm will earn only normal profit

D. The marginal firm will earn no profit

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4

Human wants are:

A. Thousands

B. Few

C. Innumerable

D. Hundreds

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4

The marshallian indirect utility function in the form of equation is:

A. x =a-bp

B. x =b-ap

C.

D. x = f(P)

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4

The isoquant approach is:

A. Classical approach

B. Keynesian approach

C. Neo-classical approach

D. Modern approach

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4

The General Theory of Employment, Interest and Money is the major work of :

A. N.Kaldor

B. Alfred Marshal

C. J.M.Keynes

D. J.S.Duesenberry

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4

If there are many producers, each of whom has an individual production possibility curve, then the lowest marginal cost producer of good X is the producer:

A. Who must sacrifice fewer units of every other goods than any other producer

B. Who can produce more X per hour than any other producer

C. Who must sacrifice more units of every other goods than any other producer

D. None of the above

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4

MC = MR = AC = AR shows the long run equilibrium position of the:

A. Competitive firm

B. Oligopolistic firm

C. Monopolist firm

D. None of the above

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4

There is no difference between fixed and variable factors in the:

A. Long run

B. Short run

C. Average run

D. None of the above

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4

A country is advised to devalue (reduce external value of) its currency only when its exports face:

A. Inelastic demand in foreign markets

B. Elastic demand in foreign markets

C. Unit elastic demand in foreign markets

D. None of the above

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4

With an increase in income, consumer is expected to buy more of:

A. An inferior good

B. A giffen good

C. A normal(or superior) good

D. None of the above

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4

According to Cobb-Douglas, in production function the marginal product of labor is:

A.

B.

C.

D.

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4

A decrease in demand lowers the price the most:

A. In the immediate run

B. In the short run

C. When the supply is perfectly elastic

D. When producers have sufficient time to fully adjust to the demand change

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4

At the point where a straight line demand curve meets the quantity axis (x-axis), elasticity of demand is:

A. Equal to zero

B. Equal to one

C. Equal to infinite

D. More than one

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4

Production indifference curve (isoquant) is a curve which shows:

A. Equal level of output

B. Unequal level of outputs

C. Equal level of inputs

D. Unequal level of inputs