Perfect elasticity (infinitely elastic)
Relative elasticity (greater than one elasticity)
Perfect inelasticity (zero elasticity)
Relative inelasticity (less than one elasticity)
D. Relative inelasticity (less than one elasticity)
Price of x = Price of z Price of y Price of x
MP of x = MP of y Price of x Price of x
MP of x = MP of y = MP of z Price of x Price of y Price of z
MP of x = MP of y = MP of z
X.PX + Y.PY = 1
X.PX + Y.PY < 1
X.PX + Y.PY > 1
X.PX + Y.PY = 0
Perfectly elastic (infinitely elastic)
Relatively elastic (greater than one elasticity)
Unitary elastic
Relatively inelasticity (less than one elasticity)
Substitution Effect
Income Effect
Both substitution and income effect
None of them
The price of the commodity
The time period
The price of substitutes
Any of the above
MRS
MRT
MRTS
MRPS
Monopoly
Private property
Workable competition
Oligopoly
Equal level of output
Unequal level of outputs
Equal level of inputs
Unequal level of inputs
Firm
Product group
Producers
Shopkeepers
Negative
Positive
Infinite
Zero
Below
Above
Equal level
None of the above
All factors can be used in different proportions
Management can be re-organized
A firm can experience returns to scale
All of the above
Helps in separating the income effect and the substitution effect
Does not help in separating the two effects
Mixed up the two effects
None of the above
Adam Smith
David Ricardo
Alfred Marshal
A.C.Pigou
By a same single curve
By three different curves
By downward sloping curve
None of the above
Vertical
Horizontal
Controlled by the largest producers
Unaffected by inflation
Separately in different cells
Collectively in different cells
Collectively in same cell
Separately in same cell
Marginal cost is zero
Total cost is zero
External costs are zero
Average costs are zero
Close substitutes
Good complements
Completely unrelated (independent goods)
None of the above
His output is maximum
He charges a high price
His average cost is minimum
His marginal revenue is equal to marginal cost
No distinction between firm and industry
One firm and no industry
No firm and no industry
None of the above
Ratio between price and marginal cost
Extent of monopolistic profit enjoyed by him
Cross-elasticity of demand for the product of the monopolist
Price charged by the monopolist minus marginal cost of production
Normal profits
Implicit costs
Variable costs
Opportunity costs
The amount of Y a consumer is willing to give up to obtain one additional unit of X and still remain on the same indifference curve
The amount of X a consumer is willing to give up to obtain one additional unit of Y and still remain on the same indifference curve
The amount of Y a consumer is willing to give up to obtain one additional unit of X and move to a higher indifference curve
The amount of X a consumer is willing to give up to obtain one additional unit of Y and move to a higher indifference curve
A system of relative prices
A belief that employees work for the good of society
Government ownership of the means of production
Moral incentives to encourage productive efficiency
Negative
Positive
Infinite
Zero
Goods
Goods and services
Goods and services it can purchased
Monetary units
Money
Capital resources
Scarcity
Inflation
Advertise to increase the demand for their product
Do not advertise, because most advertising is wasteful
Do not advertise because they can sell as much as they want at the current price
Who advertise will get more profits than those who do not
Technical relationship between input of a variable factor and the resulting output
Any economic relationship between input and output
An output maximizing relationship
A relationship with input changing and corresponding changes in output