Moves (shifts) towards the axis
Moves (shifts) away from the axis
Remains unchanged
All of the above
A. Moves (shifts) towards the axis
Maximum
Minimum
Equal to one
Equal to zero
David Ricardo
Adam Smith
James Mill
A.C.Pigou
Price system
Barter system
Islamic economic system
Socialistic system
Fully spent
Half spent
Partially spent
Correctly spent
TFC TVC
TFC/TVC
TVC/TFC
TFC +TVC
Less quantity demanded at the same price
Less quantity demanded at a higher price
Less quantity demanded at a lower price
None of the above
Starts incurring losses
Uses more and more of one input while holding all other inputs constant
Does not utilize its inputs efficiently
Cuts down on the quantity of all inputs it uses
Independence of firms
Interdependence of firms
Independence of individuals
Interdependence of materials
Chamberline
Sraffa
Carl marx
Robinson
Multiplying the number of unit by its marginal utility
Adding up the marginal utility of all units
Multiplying price by number of units
None of the above
Negative
Positive
Infinite
Zero
Utility derived from the last unit of production
Utility derived from the last unit of a commodity which is being consumed
Total utility- Average utility
None of the above
Always three times than the slope of AR
Always double than the slope of AR
Always equal to the slope of AR
None of the above
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
Falling when average cost is falling
Rising when average cost is falling
Falling when average cost is rising
Rising when average cost is rising
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
MRS
MRT
MRTS
MRPS
Societys knowledge of production
Applied science
Knowledge of science and mathematics
None of the above
Are downward sloping to the right
Show different input combination producing the same output
Intersect each other
Are convex to the origin
Where the gap between the two is the smallest
Where the gap between the two is the greatest
Where the two become equal
None of the above
Perfectly competitive international market
Perfectly competitive national market
Imperfect international market
Imperfect local market
R.G.D.Alien
J.R.Hicks
A.C.Pigou
None of the above
Standardized product
Differentiate product
Two firms
No entry
Always rises
Always falls
First falls and then rises
First rises and then falls
It gets more expensive
A household consumes more of it
Preference changes
A households income goes up
Greater than one
Equal to one
Less than one but more than zero
None of the above
Firm
Product group
Producers
Shopkeepers
1st firm does not cooperate
1st firm cooperates
1st firm collapses
None of the above
The substitution effect is more certain
The income effect is more certain
The substitution effect is uncertain
The income effect is always positive
Is the same as economic efficiency
Is achieved when the output produced is maximum for the given level of inputs
Means that there is only one way to produce a given quantity of output
None of the above