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Who developed the concept of Representative Firm?

A. A.C.Pigou

B. Alfred Marshal

C. J.M.Keynes

D. D.H.Robertson

Correct Answer : B.


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  1. In case of monopoly, both AR and MR fall, but MR falls:
  2. The cost curves of the firm shift due to changes in:
  3. A significant property of the Cobb-Douglas production function is that the elasticity of substitution…
  4. The demand of the necessities is:
  5. In case of monopoly, TR curve rises at a:
  6. The falling part of total Utility (TU) curve shows:
  7. The demand curve in monopolistic competition (also in kinked demand curve model), which shows the share…
  8. Which of the following formula determine the income elasticity of demand?:
  9. Price discrimination is possible:
  10. Supply of a commodity refers to:
  11. The firm is said to be in equilibrium when the difference between revenue and cost is:
  12. According to marginalistic rule, the profit maximization hypothesis requires:
  13. If in the long run, output increases in the same proportion as increase in all the input in the given…
  14. The production function can convey to a firm:
  15. The Law of Equi-Marginal Utility refers to:
  16. In economics, Externality means:
  17. The right of individuals to control productive resources is known as:
  18. We can measure consumers surplus with the help of
  19. A shift in the demand for a product is likely to result from a change in:
  20. Increasing returns imply:
  21. The difference between accounting profits and economic profits is:
  22. Dumping is international discriminating:
  23. The Chamberline model recognizes mutual:
  24. The difference between average cost and average revenue is:
  25. When the income of consumer increases then budget line will:
  26. The fixed cost of a firm:
  27. The modern cost curves are based upon the idea of:
  28. If as a result of a decrease in price, total outlay (expenditures) on a commodity increases, its price-elasticity…
  29. In short run, a firm can change its:
  30. The concept of industry in monopolistic competition has been replaced by: