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1 Which of the following is not an assumption of law of variable proportion?
A. The state of technology is given and constant
B. all factors are variable
C. all units of variable factors are homogeneous
D. at least one factor remains constant
ANS: B
2 In a production function, the dependent variable is _________
A. inputs
B. output
C. both inputs and out put
D. saving
ANS: B
3 At the end of phase _________ of law of variable proportions, the average and marginal production become equal.
A. I st
B. II nd
C. III rd
D. Iv th
ANS: A
4 ______ isoquant assumes only limited substitutability of capital and labour.
A. convex
B. concave
C. kinked
D. right angle
ANS: C
5 In the uneconomic region the ________ product of an inputs become either zero or negative.
A. marginal
B. average
C. total
D. optimum
ANS: A
6 The right angle isoquant is called as _____
A. kinked iso quant
B. linear iso quant
C. convex isoquant
D. Leontief isoquant
ANS: D
7 The external economies shift ___________ the average cost curve.
A. down
B. up
C. left
D. right
ANS: A
8 ____________ economies arise due to indivisibility of factors of production.
A. Saving
B. Production
C. External
D. Internal
ANS: D
9 Explicit cost refers to __________cost.
A. input - output cost
B. out -of- pocket
C. least - square
D. out -of - production
ANS: B
10 Which of the following is called as prime cost ________
A. supplementary cost
B. variable cost
C. total cost
D. fixed cost
ANS: B
11 A Kink demand curve indicates________
A. price flexibility in non-collusive oligopoly
B. price flexibility in collusive oligopoly
C. price rigidity in collusive oligopoly
D. price rigidity in non-collusive oligopoly
ANS: C
12 Every firm under perfect competition can make only ______in the long run.
A. excess profit
B. normal profit
C. loss
D. super normal profit
ANS: B
13 Marginal revenue is equal to price for which one of the following types of market structure?
A. Monopoly
B. Perfect competition
C. Monopolistic competition
D. Oligopoly
ANS: D
14 The demand curve faced by a monopolistically competitive firm is_______
A. perfectly elastic
B. elastic
C. unit elastic
D. inelastic.
ANS: B
15 Price discrimination is profitable when_______
A. elasticity of demand is the same in the different market
B. elasticity differs in different market
C. when demand in different market is perfectly elastic
D. When demand in market is perfectly elastic
ANS: B
16 Dumping takes place when a monopolist ________
A. has monopoly in the world as well as home market
B. has monopoly in the world market
C. has monopoly in the home market and competitive world market
D. has perfect competition in both market
ANS: C
17 _______theory has numerous applications.
A. Game
B. Monopoly
C. Duopoly
D. Oligopoly
ANS: A
18 _______are decision makers in game theory.
A. players
B. consumers
C. government
D. producers
ANS: A
19 ____________is called as short run shut down price.
A. fixed cost
B. marginal cost
C. production cost
D. variable cost
ANS: C
20 The demand curve faced by an individual seller in perfect competition is _____________.
A. perfect elastic
B. perfect inelastic
C. relative elastic
D. unitary elastic
ANS: A
21 There is no excess capacity in the long run for __________ markets.
A. monopoly
B. oligopoly
C. perfectly competitive
D. monopolistic competition
ANS: C
22 when elasticity of demand is infinite the degree of monopoly power is ________
A. higher
B. infinite
C. zero
D. absolute
ANS: C
23 A firm in monopolistic competition, will settle down in long run equilibrium with _______
A. normal profit
B. excess profit
C. loss super
D. normal profit
ANS: A
24 _________shift the demand curve to the right.
A. future cost
B. selling cost
C. production cost
D. average cost
ANS: B
25 The ________________ implies that the individual firm's actions regarding price and out put adjustment have negligible effect upon their rivals.
A. assumption
B. symmetry assumption
C. productive assumption
D. unproductive assumption
ANS: B
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