Classical

Managerial Economics - Managerial Economics Objective Type Questions

56:  

MU curve will be below X-axis when

A.

MU is zero

B.

MU is negative

C.

MU is positive

D.

MU is constant

 
 

Option: B

Explanation :

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57:  

When average product increases, the marginal product is

A.

Less than the average product

B.

Equal to the average Product

C.

More than the average product

D.

None of these

 
 

Option: A

Explanation :

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58:  

If two goods are perfect substitutes for each other, it necessarily follows that

A.

An indifference curve relating the two goods will be curvilinear

B.

An indifference curve relating the two goods will be linear

C.

An indifference curve relating the two goods will be divided into two segments which meet at a right angle

D.

An indifference curve relating the two goods will be convex to the origin.

 
 

Option: B

Explanation :

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59:  

In general, profit will be at a maximum where

A.

MC = MR

B.

MC < MR

C.

MC > MR

D.

MC = MR - 1

 
 

Option: A

Explanation :

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60:  

"We are much better off when drawing purely imaginary indifference curves than we are when speaking of purely imaginary utility functions". This is remarked by

A.

J. R. Hicks

B.

Allen

C.

Schumpeter

D.

Paul A. Samuelson

 
 

Option: C

Explanation :

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