Q.1
"Rent is a creation of value, not of wealth". Who made this observation?
Q.2
Consumer's surplus left with the consumer under price discrimination is
Q.3
In short run, a firm in monopolistic competition
Q.4
In long-run, all firms in monopolistic competition
Q.5
In a perfectly competitive market
Q.6
Which one is the assumption of law of demand
Q.7
What is the shape of the demand curve faced by a firm under perfect competition?
Q.8
Which of the following is not an essential condition of pure competition?
Q.9
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Q.10
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Q.11
If the price of Pepsi decreases relative to the price of Coke and 7-Up, the demand for
Q.12
Ten rupees is the equilibrium price for good X. If government fixes the price at Rs.5, there is
Q.13
A rise in supply and demand in equal proportion will result in
Q.14
Zubair has a special taste for college canteen's hotdogs. The owner of the canteen doubles the prices of hotdogs. Zubair did not respond to the increase in prices and kept on demanding the same quantity of hotdogs. His demand for hotdogs is
Q.15
If demand is inelastic, a change in the price
Q.16
Which one of the following pairs of commodities is an example of substitutes?
Q.17
Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its
Q.18
When demand is perfectly inelastic, an increase in price will result in
Q.19
The cost on one thing in terms of the alternative given up is known as
Q.20
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?
Q.21
Under Marginal utility analysis, utility is assumed to be a
Q.22
When equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Q.23
If demand is unitary elastic, a 25% increase in price will result in
Q.24
Which of the following cost curves is never U-shaped?
Q.25
The classical theory explained interest as a reward for
Q.26
The 'substitution effect' takes place due to change in
Q.27
The degree of monopoly power is measured in terms of difference between
Q.28
Discriminating monopoly is possible if two markets have
Q.29
Contraction of demand is the result of
Q.30
According to M. Kalecki, the true measure of the degree of monopoly power is the
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