If there are implicit costs of production
If there are implicit costs of production
Quantity demanded is a
Quantity demanded is a
In long run equilibrium, the pure monopolist can make pure profits because of
In long run equilibrium, the pure monopolist can make pure profits because of
In perfect competition, in the long run, there will be
In perfect competition, in the long run, there will be
In perfect competition, the firm's _____ above AVC has the identical shape of the firm's supply curve
In perfect competition, the firm's _____ above AVC has the identical shape of the firm's supply curve
The producer is in equilibrium at a point where the cost line is
The producer is in equilibrium at a point where the cost line is
When two goods are perfect substitutes of each other, then
When two goods are perfect substitutes of each other, then
A monopolist is able to maximize his profits when
A monopolist is able to maximize his profits when
MC curve cuts ______ curves at their minimum points
MC curve cuts ______ curves at their minimum points
Discriminating monopoly is possible if two markets have
Discriminating monopoly is possible if two markets have
The second glass of lemonade gives lesser satisfaction to a thirsty biy, this is a clear case of
The second glass of lemonade gives lesser satisfaction to a thirsty biy, this is a clear case of
For ____ goods, increase in income leads to increase in demand.
For ____ goods, increase in income leads to increase in demand.
A frim has variable cost of Rs.1000 at 5 units of output. If fixed costs are Rs.400, what will be the average total cost at 5 units of output?
A frim has variable cost of Rs.1000 at 5 units of output. If fixed costs are Rs.400, what will be the average total cost at 5 units of output?
Suppose the short run cost function can be written as TC=250 + 10Q. Average fixed cost equals
Suppose the short run cost function can be written as TC=250 + 10Q. Average fixed cost equals
In case of inferior goods, the income elasticity is
In case of inferior goods, the income elasticity is
The slope of indifference curve indicates
The slope of indifference curve indicates
A market structure in which many firms sell products that are similar but not identical is known as
A market structure in which many firms sell products that are similar but not identical is known as
If all inputs are trebled and the resultant output is doubled, this is a case of
If all inputs are trebled and the resultant output is doubled, this is a case of
Demand for final consumption arises in
Demand for final consumption arises in
Suppose the total cost of producing commodity X is Rs.125000. Out of this cost, implicit cost is Rs.35000 and normal profit is Rs.25000. What will be the explicit cost of commodity X?
Suppose the total cost of producing commodity X is Rs.125000. Out of this cost, implicit cost is Rs.35000 and normal profit is Rs.25000. What will be the explicit cost of commodity X?
One characteristic not typical of oligopolistic industry is
One characteristic not typical of oligopolistic industry is
If two goods are complements, this means that a rise in the price of one commodity will induce
If two goods are complements, this means that a rise in the price of one commodity will induce
The kinked demand curve model of oligopoly assumes that
The kinked demand curve model of oligopoly assumes that
In short run, a firm in monopolistic competition
In short run, a firm in monopolistic competition
A higher indifference curve shows
A higher indifference curve shows
In long-run, all firms in monopolistic competition
In long-run, all firms in monopolistic competition
The 'Diamond water' controversy is explained by
The 'Diamond water' controversy is explained by
Which of the following is not the name of LAC curve?
Which of the following is not the name of LAC curve?
Lesser production of ____ would lead to lesser production in future.
Lesser production of ____ would lead to lesser production in future.
Economics is the study of
Economics is the study of
In the short run if a perfectly competitive firm finds itself operating at a loss, it will
In the short run if a perfectly competitive firm finds itself operating at a loss, it will
Consumer's surplus left with the consumer under price discrimination is
Consumer's surplus left with the consumer under price discrimination is
Rational decision making requires that
Rational decision making requires that
In imperfect competition
In imperfect competition
If a firm's average variable cost curve is rising, its marginal cost curve must be
If a firm's average variable cost curve is rising, its marginal cost curve must be
Price discrimination is not possible in case of
Price discrimination is not possible in case of
The law of consumer surplus is based on
The law of consumer surplus is based on
Under which market structure, average revenue of a firm is equal to its marginal revenue
Under which market structure, average revenue of a firm is equal to its marginal revenue
Demand curve can be derived from
Demand curve can be derived from
If the goods are complementary like car and petrol, their cross elasticity is
If the goods are complementary like car and petrol, their cross elasticity is
The shape of PPC is concave due to
The shape of PPC is concave due to
When as a result of decrease in price of good, the total expenditure made on it decreases we say that price elasticity of demand is
When as a result of decrease in price of good, the total expenditure made on it decreases we say that price elasticity of demand is
The average total cost pf producing 50 units is Rs.250 and total fixed cost is Rs.1000. What is the average fixed cost of producing 100 units?
The average total cost pf producing 50 units is Rs.250 and total fixed cost is Rs.1000. What is the average fixed cost of producing 100 units?
Calculate the income elasticity for a household when the income of this household rises by 5% and the demand for buttons does not change at all.
Calculate the income elasticity for a household when the income of this household rises by 5% and the demand for buttons does not change at all.
An isoquant slopes
An isoquant slopes
If the price of Pepsi decreases relative to the price of Coke and 7-Up, the demand for
If the price of Pepsi decreases relative to the price of Coke and 7-Up, the demand for
An inferior commodity is one which is consumed in smaller quantities when the income of consumer
An inferior commodity is one which is consumed in smaller quantities when the income of consumer
If the income elasticity is greater than one, the commodity is
If the income elasticity is greater than one, the commodity is
Calculate income elasticity for the household when the income of a household rises by 10% and the demand for Rice rises by 5%.
Calculate income elasticity for the household when the income of a household rises by 10% and the demand for Rice rises by 5%.
A necessity is defined as a good having
A necessity is defined as a good having
Positive income elasticity implies that as income rises, demand for the commodity
Positive income elasticity implies that as income rises, demand for the commodity
In the case of a Giffen good, the demand curve will be
In the case of a Giffen good, the demand curve will be
If the price of 'X' rises by 10 percent and the quantity demanded falls by 10 percent, 'X' has
If the price of 'X' rises by 10 percent and the quantity demanded falls by 10 percent, 'X' has
Giffen goods are those goods
Giffen goods are those goods
At shut down point
At shut down point
If firm's average cost curve is falling then marginal curve must be
If firm's average cost curve is falling then marginal curve must be
If the price of good A increases relative to the price of substitutes B and C, the demand for
If the price of good A increases relative to the price of substitutes B and C, the demand for
In the long run, normal profits are included in the _____ curve
In the long run, normal profits are included in the _____ curve
The exception to law of demand is
The exception to law of demand is
A firm under perfect competition will be making minimum losses (in the short run) at a point where
A firm under perfect competition will be making minimum losses (in the short run) at a point where
In a perfectly competitive market
In a perfectly competitive market
Identify the factor which generally keeps the price-elasticity of demand for a good high.
Identify the factor which generally keeps the price-elasticity of demand for a good high.
A firm's average total cost of production is Rs.300 at 5 units of output and Rs.320 at 6 units of output. The marginal cost of producing the 6th unit is
A firm's average total cost of production is Rs.300 at 5 units of output and Rs.320 at 6 units of output. The marginal cost of producing the 6th unit is
All of the following are determinants of demand except
All of the following are determinants of demand except
Which of the following is not a feature of perfect competition?
Which of the following is not a feature of perfect competition?
The total area under the demand curve of good measures
The total area under the demand curve of good measures
The degree of monopoly power is measured in terms of difference between
The degree of monopoly power is measured in terms of difference between
A firm's average fixed cost is Rs.20 at 6 units of output. What will it be at 4 units of output?
A firm's average fixed cost is Rs.20 at 6 units of output. What will it be at 4 units of output?
Demand for intermediate consumption arises in
Demand for intermediate consumption arises in
The structure of the cold drink industry in India is best described as
The structure of the cold drink industry in India is best described as
If marginal opportunity cost is falling, the PPF would be
If marginal opportunity cost is falling, the PPF would be
Effective demand depends upon
Effective demand depends upon
The IC curve approach assumes
The IC curve approach assumes
If income elasticity for a good is 2, then it is a
If income elasticity for a good is 2, then it is a
Normal goods have
Normal goods have
In the case of two perfect substitutes, the indifference curve will be
In the case of two perfect substitutes, the indifference curve will be
When a market is in equilibrium
When a market is in equilibrium
Under Marginal utility analysis, utility is assumed to be a
Under Marginal utility analysis, utility is assumed to be a
The upper portion of the kinked demand curve is relatively
The upper portion of the kinked demand curve is relatively
The 'substitution effect' takes place due to change in
The 'substitution effect' takes place due to change in
In economics, what a consumer is ready to pay minus what he actually pays, is termed as
In economics, what a consumer is ready to pay minus what he actually pays, is termed as
Which of the following is a cause of an economic problem?
Which of the following is a cause of an economic problem?
Agricultural goods market depicts characteristics close to
Agricultural goods market depicts characteristics close to
The various combination of goods that can be produced in any economy when it uses its available resources and technology efficiency are depicted by
The various combination of goods that can be produced in any economy when it uses its available resources and technology efficiency are depicted by
A competitive firm maximizes profit at the output level where
A competitive firm maximizes profit at the output level where
The MC curve cuts the AVC and ATC curves at
The MC curve cuts the AVC and ATC curves at
If the demand for a good is inelastic, an increase in the price of the good will cause the total expenditure of the consumers of the good to
If the demand for a good is inelastic, an increase in the price of the good will cause the total expenditure of the consumers of the good to
The other name of Budget line is
The other name of Budget line is
Which of the following are sources of growth?
Which of the following are sources of growth?
The LAC curve
The LAC curve
When indifference curve is L shaped, then two goods will be
When indifference curve is L shaped, then two goods will be
Product differentiation is the most important feature of
Product differentiation is the most important feature of
In the long run, any firm will eventually leave the industry if
In the long run, any firm will eventually leave the industry if
