Q.1
In case of inferior goods, the income elasticity is
Q.2
Lesser production of ____ would lead to lesser production in future.
Q.3
In perfect competition, the firm's _____ above AVC has the identical shape of the firm's supply curve
Q.4
Under which market structure, average revenue of a firm is equal to its marginal revenue
Q.5
In economics, what a consumer is ready to pay minus what he actually pays, is termed as
Q.6
Agricultural goods market depicts characteristics close to
Q.7
For ____ goods, increase in income leads to increase in demand.
Q.8
In the case of a Giffen good, the demand curve will be
Q.9
The law of consumer surplus is based on
Q.10
If a firm's average variable cost curve is rising, its marginal cost curve must be
Q.11
When a market is in equilibrium
Q.12
If all inputs are trebled and the resultant output is doubled, this is a case of
Q.13
If two goods are complements, this means that a rise in the price of one commodity will induce
Q.14
In the short run if a perfectly competitive firm finds itself operating at a loss, it will
Q.15
The producer is in equilibrium at a point where the cost line is
Q.16
The cost that a firm incurs in hiring or purchasing any factor of production is referred to as
Q.17
The shape of rectangular hyperbola is made by
Q.18
Unemployment of labour means that
Q.19
Profit is maximum when
Q.20
A market structure in which many firms sell products that are similar but not identical is known as
Q.21
Economics is the study of
Q.22
A competitive firm maximizes profit at the output level where
Q.23
A necessity is defined as a good having
Q.24
In the long run, any firm will eventually leave the industry if
Q.25
Supply of a commodity is a
Q.26
If two goods were perfect substitutes of each other, it necessarily follows that
Q.27
The MC curve cuts the AVC and ATC curves at
Q.28
The human effort applied to the production of goods is called in economics
Q.29
Normal profit is
Q.30
As output increases
0 h : 0 m : 1 s