Q.1
The producer's demand for a factor of production is governed by the ____ of the factor.
Q.2
A factor of production, whose supply is fixed in the short run, may get additional earnings. These earnings are generally referred to as
Q.3
A factor of production, whose supply is fixed in the short tun, may get additional earnings. These earnings are generally referred to as
Q.4
The necessary condition for equilibrium position of a firm is
Q.5
The horizontal demand curve parallel to x-axis implies that the elasticity of demand is
Q.6
Which form of market structure is characterised by interdependence in decision-making as between the different competing firms?
Q.7
In monopoly and perfect competition, the cost curves are
Q.8
If price changes by 1% and supply changes by 2%, then supply is
Q.9
During a particular year, farmers experienced a dry weather. If all the other factors remain constant, farmers supply curve for wheat will shift
Q.10
The supply of a commodity refers to
Q.11
Economic rent can accrue to
Q.12
An indifference curve slopes down towards right since more of one commodity and less of another result in
Q.13
In the context of oligopoly, the kinked demand curve hypothesis is designed to explain
Q.14
Profit is maximum when
Q.15
Normal profit is called normal because
Q.16
Supply curve is
Q.17
A vertical supply curve parallel to the price axis implies that the elasticity of supply is
Q.18
Which one is increasing function of price?
Q.19
The consumer is in equilibrium at a point where the budget line
Q.20
In May 2013, firm was supplying 500kg of sugar at market price of Rs.30/- per kg. During June 2013, firm's supply of sugar had decreased to 450kg at price of Rs.20/- per kg. These changes show that supply of sugar is
Q.21
An ISO-product slopes
Q.22
Which of the following is NOT the assumption of the Marginal Productivity Theory of Distribution?
Q.23
Under perfect competition
Q.24
When supply of a commodity increases without change in price, it is called
Q.25
Supply curve will shift when
Q.26
The Revealed Preference Theory deduces the inverse price-quantity relationship from
Q.27
With which of the theories of wages, is the name of John Stuart Mill associated?
Q.28
If a firm shuts down temporarily, it will incur loss equal to
Q.29
Which of the following oligopoly models is concerned with the maximization of joint profits?
Q.30
A firm decides to exit the industry when
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