Competitive Exams: Economics MCQs (Practice-Test 21 of 122)
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A Given indifference map shows
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a given level of satisfaction
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a given pattern of tastes and preferences
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the average level of satisfaction
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All of the above
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Assuming that the demand curve for a commodity is a downward sloping straight line, price elasticity of demand
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cannot be estimated
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decreases as price falls
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increases as price falls
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is the same at every price
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The opportunity cost of a factor of production is
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what is earning in its present use.
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what it can earn in the long run
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what is can earn in the best alternative use
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none of the above
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Diminishing marginal returns to a factor arise essentially because:
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the quantity (or quantities) of some other factor (or factors) relatively fixed.
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the quantities of that factors is fixed
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quantities of all factors is fixed
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there is government control on production
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If an individual seller in a perfectly competitive market wishes to double his sales, he would.
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improve the quality of his product
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lower his price to half
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simply offer double the quantity for sale
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advertise the superiority of his product
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For a firm in a perfectly competitive market, the average and the marginal revenue curves coincide because
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the firm is price-taker
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there are constant returns to scale
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there are constant returns to some of the factors.
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it is a condition of profit-maximisation.
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The implication of the kinked demand curve is reflected in a discontinuity in the
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total cost curve
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marginal cost curve
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total revenue curve
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marginal revenue curve
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Which one of the following curve is NOT U-shaped?
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The AVC curve
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the AFC curve
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the AC curve the Mc curve
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The MC curve
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When both the firms are followers of each other in Stackelberg's Model of Duopoly, final equilibrium results in
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joint profit maximisation
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equal profit for both
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Coumot solution.
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perfectly competitive solution
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Limit price refers to the
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price which prevents entry of new firms
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maximum price which the firm is allowed to charge
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price which maximizes the profits of the firm
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price at which film just starts earning a surplus over cost
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For maximisation of profits, marginal revenue must be equated to marginal cost.
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under monopoly but not in other types of markets
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under perfect competition but not in other types of markets.
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under both perfect competition and monopoly but not in other types of markets
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in any type of market.
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The concept of ‘quasi-rent’ means
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the rent of land
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the return to a factor of production which is fixed in supply in the short run
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half the rent land
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the return to a factor of production which is not fixed in supply
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Which one of the following denotes the concept of marginal and in the Ricardian theory of rent?
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It is the poorest quality land
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It is no-rent land, as it produces not surplus over cost of production
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It is that land whose surplus determines rent of other land
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it is that land whose rent changes with change in the margin of cultivation.
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According to Frank Knight profit is
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a part of the cost of production
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a reward for uncertainty bearing
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equal to (total Revenue-Total Costs)
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none of the above
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The supply pr8ice of entrepreneurship refers to
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economic rent
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normal profits
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rent of ability
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salaries of managers
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