NET, IAS, State-SET (KSET, WBSET, MPSET, etc.), GATE, CUET, Olympiads etc.: Economics MCQs (Practice_Test 38 of 122)
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- The given diagrams represent incomeconsumption curves for two commodities X and Y: Consider the following statements based on the diagrams.
- I shows the commodity X as normal
- I shows the commodity Y as normal
- II shows the commodity X as normal
- II shows the commodity Y as normal
- Of these statements
- 1 and 3
- 1 and 3 are correct
- 1 and 4 and correct
- 2 and 4 are correct.
- Consider the following statements:
- As isoquant has a negative slope.
- isoquants should be parallel to each other.
- Isoquants can cut each other.
- Isoquants are convex to the origin.
- Of these statements
- 1 and 2 are correct
- 1 and 3 are correct
- 1 and 4 are correct
- 2 and 4 are correct
- Under conditions of perfect factor market, a firm would attain profit maximising combination of labour and capital, when
- Marginal Physical Product of Labour (MPPL) = Marginal Physical Product of Capital (MRPC)
- MRPL/Price of labour (PL)
- MRPL/PL = MARPC/PC = 1