OPEC is an example of the type of producer's organisation known as a
| A. | Trust |
| B. | Producer's Cooperative |
| C. | Marketing board |
| D. | Cartel |
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Option: D Explanation : Click on Discuss to view users comments. |
The total utility is maximum when
| A. | M.U. is zero |
| B. | M.U. is equal to A.U. |
| C. | M.U. is the highest |
| D. | A.U. is the highest |
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Option: A Explanation : Click on Discuss to view users comments. |
The advertisement cost is included in
| A. | Always in variable cost |
| B. | Sometimes in fixed cost sometimes in variable cost |
| C. | Fixed cost |
| D. | Never included in variable cost |
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Option: D Explanation : Click on Discuss to view users comments. |
The elasticity of substitution between two inputs in CES production function
| A. | Decreases continuously |
| B. | Increases continuously |
| C. | Remains constant |
| D. | None of these |
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Option: C Explanation : Click on Discuss to view users comments. |
A perfectly competitive industry becomes a monopoly with the same cost conditions, it will now sell
| A. | A larger output at a higher price |
| B. | A larger output at the old price |
| C. | An unchanged output at a higher price |
| D. | A reduced output at a higher price |
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Option: D Explanation : Click on Discuss to view users comments. |
