1. Which among the following is not a property of indifference curves?
2. Long run equilibrium price of a perfectly competitive firm is always
3. Assertion (A): The imposition of a per unit tax causes the monopolist's average cost and marginal cost curves to shift up.
Reason (R): The per unit tax is like a variable cost.
Reason (R): The per unit tax is like a variable cost.
4. Classical writers could not resolve the 'water-diamond' paradox because they could not distinguish between
5. A firm encountering economies of scale over some range of output will have a
6. Statement (A): The isoquant curves are drawn convex to the origin due to the diminishing technical rate of substitution.
Statement (B): The lesser the convexity of the isoquant curve, the greater the possibility of the complementarity of the two inputs.
Statement (B): The lesser the convexity of the isoquant curve, the greater the possibility of the complementarity of the two inputs.
7. When the demand curve is a rectangular hyperbola, a fall in the price of a commodity causes total expenditures on the commodity to
8. Assertion (A): Utility will be maximized when the marginal units of expenditure in each direction bring the same increment of utility.
Reason (R): A consumer will try to maximize his utility.
Reason (R): A consumer will try to maximize his utility.
9. If the quantity of a commodity demanded remains unchanged as its price changes the coefficient of price elasticity of demand is
10. A production possibility curve indicates the
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