A rectangular hyperbola shaped demand curve on all its points has:
A. | Equal slopes of the price demand curve |
B. | Price elasticity equal to unity |
C. | Varying price elasticity |
D. | Both slope and price elasticity equal |
Option: B Explanation : Click on Discuss to view users comments. |
In case of short-run equilibrium, a perfectly competitive firm while earning abnormal profits operates at an output level where:
A. | Marginal cost is the minimum |
B. | Average cost is me minimum |
C. | Both marginal cost and average cost are equal |
D. | Marginal cost is higher than average cost |
Option: D Explanation : Click on Discuss to view users comments. |
Which one of the following statements is false?
A. | Normally, a price demand curve slopes downward from left to right. |
B. | Economies of scale and economies of scope are the same. |
C. | For optimization, equality between marginal cost and marginal revenue is a necessary condition but it is not a sufficient one. |
D. | Law of variable proportions denotes input-output relationship during short-run. |
Option: B Explanation : Click on Discuss to view users comments. |
Match the items of List-I with the items of List-II:
List-I |
List-II |
(a) Law of diminishing marginal utility |
(i) Cross demand
|
(b) Relationship between price of one commodity and demand for other commodity |
(ii) Oligopoly
|
(c) Skimming the cream policy |
(iii) Cardinal approach
|
(d) Price rigidity |
(iv) Pioneer pricing
|
Codes:
A. | (a) (b) (c) (d) (i) (ii) (iii) (iv) |
B. | (a) (b) (c) (d) (iii) (i) (ii) (iv) |
C. | (a) (b) (c) (d) (ii) (iv) (i) (iii) |
D. | (a) (b) (c) (d) (iv) (iii) (ii) (i) |
Option: C Explanation : Click on Discuss to view users comments. ASHIQUE ALI K A said: (1:25pm on Sunday 18th December 2016)
Relationship between price of one commodity and demand for other commodity - Cross demand (Change in qd of one commodity in response to change in price of another) So here the match for 'b' of List 1 could be 'i' of List 2
|