Q.1
When a competitive firm achieves long run equilibrium, then,
Q.2
What best explains a shift in market supply curve to the right?
Q.3
Total costs in the short-term are classified into fixed costs and variable costs. Which one of the following is a variable cost?
Q.4
Suppose the short run cost function can be written as TC=250 + 10Q. Average fixed cost equals
Q.5
Price of a product is determined in a free market by
Q.6
When cross elasticity of demand is a large positive number, one can conclude that
Q.7
Effective demand depends upon
Q.8
Quantity demanded is a
Q.9
All but one of the following are assumed to remain the same while drawing an individual's demand curve for a commodity. Which one is it?
Q.10
At shut down point
Q.11
The LAC curve
Q.12
Normal goods have
Q.13
If the goods are complementary like car and petrol, their cross elasticity is
Q.14
The other name of Budget line is
Q.15
Identify the factor which generally keeps the price-elasticity of demand for a good high.
Q.16
The slope of indifference curve indicates
Q.17
The total area under the demand curve of good measures
Q.18
Which of the following is example of external economies of scale?
Q.19
In the short run, when the output of a firm increases, its average fixed cost
Q.20
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?
Q.21
If marginal opportunity cost is falling, the PPF would be
Q.22
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.
Q.23
Product differentiation is the most important feature of
Q.24
A monopolist is able to maximize his profits when
Q.25
In imperfect competition
Q.26
If firm's average cost curve is falling then marginal curve must be
Q.27
MC curve cuts ______ curves at their minimum points
Q.28
In perfect competition, in the long run, there will be
Q.29
An inferior commodity is one which is consumed in smaller quantities when the income of consumer
Q.30
In long run equilibrium, the pure monopolist can make pure profits because of
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