Who first used the term Quasi-Rent?
David Ricardo
Alfred Marshal
J.S.Mill
Karl Marx
Correct Answer :
B. Alfred Marshal
Related Questions
In a socialist (communist) economy the invisible hand:
Guides most resource allocation decisions
Operates effectively only in the labor market
Operates effectively only in the market for capital
Is prevented from operating effectively
When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?
1756
1777
1776
1801
The general form of Cobb-Douglas production function is:
In real life firms:
Loss because of past
Learn from past
Destroy because of past
None of the above
The indifference curve technique:
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
According to Diamond Water Paradox diamonds are more expensive than water because:
They yield higher total utility
They yield higher marginal utility
They are more useful
None of the above
At final equilibrium in cournot model, each firm sells:
1/2 of the total market demand
1/4 of the total market demand
1/3 of the total market demand
None of the above
The slope of budget line shows the price ratios of:
Many goods
Few goods
Two goods
Three goods
Government planners play a central role in allocating resources:
Only under socialism(communism)
Only under capitalism
Under both (a) and (b)
None of the above
In monopolistic competition, if a firm lowers its price, the rival firms will:
Also lower their prices
Increase their prices
Show no reaction
None of the above
Marginal cost curve cuts the average cost curve:
At the left of its lowest point
At its lowest point
At the right of its lowest point
None of the above
In monopoly, the relationship between average revenue and marginal revenue curves is as follows:
Average revenue curve lies above the marginal revenue curve
Average revenue curve coincides with the marginal revenue curve
Average revenue curve lies below the marginal revenue curve
Average revenue curve is parallel to the marginal revenue curve
Which of the following pairs of commodities is an example of substitutes?
Tea and sugar
Tea and coffee
Pen and ink
Shirt and trousers
In the short-run, in which one of the following situations would a competitive seller close down (shut-down)?
When he cannot produce at an economic profit
When price falls short of average variable cost at every level of output
When price falls short of average fixed cost at every level of output
When price falls short of average total cost at every level of output
Law of Returns to Scale shows:
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
If the supply and demand increases equally, the price will:
Rise
Fall
Remain unchanged
Change depending on respective elasticities
The MRTS along an iso-quant goes on to:
Appear
Diminish
Prominent
Increase
Engel curves shows that:
How commoditys consumption rate differs at various levels of price
How commoditys consumption rate differs at various levels of satisfaction
How commoditys consumption rate differs at various levels of income
How commoditys consumption rate differs at various levels of taxes
By increasing the price of its products above those of its competitors, a perfectly competitive seller:
Can sell more
Reduces its revenues
Can sell nothing
Increases its revenues
If the demand curve remains unchanged and supply increases, the price will:
Rise
Fall
Remain the same
None of the above
Elasticity of demand is equal to unity while marginal revenue is:
Positive
Zero
Negative
Indeterminate
If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity of demand is:
Perfect elastic (infinitely elastic)
Relatively elastic (greater than one elasticity)
Unit elastic
Relatively inelastic (less than one elasticity)
The kinked demand curve comes into being where:
Proportional demand curve (PDC) and individual demand curve (IDC) intersect each other
Proportional demand curve (PDC) and individual demand curve (IDC) are parallel to each other
Proportional demand curve (PDC) and individual demand curve (IDC) repel each other
None of the above
According to Marshal, the Law of Diminishing Returns is applicable to:
Industry
All fields of production
Agriculture
None of the above
If the consumers expect that the price of computers will decrease in next year then:
Current demand for computers will fall
Current demand for computers will rise
Current demand will change unpredictably
Current supply of computers will rise
The giffen paradox is an exception to law of:
Supply
Demand
Production
Consumption
Which of the following conditions is met in the long-run equilibrium in monopolistic competition, where the firm is earning only normal profits?
MC =AC and P
MC = AC and P=MR
P =MC and P
MC=MR and P =AR= ATC
Moving along an indifference curve leaves the consumer:
Better off
Worse off
Neither better nor worse off
None of the above
Total fixed costs are:
Which of the following is assumed to be constant when drawing a demand curve?
Consumer tastes
Prices of inputs
Technology
Number of sellers