91. Suppose a consumer buys only two goods A and B. When commodity A becomes cheaper with increase in consumer's income, it is seen that consumption of A has decreased and that of B has increased. This is because
92. A consumer consuming two goods will be in equilibrium when the marginal utilities from both goods are
93. If we assume that price decreases and total expenditures increase we may conclude that elasticity of demand is
94. A significant property of the Cobb-Douglas production function is that the elasticity of substitutes between input is
95. Goods 'A' and 'B' are substitutes in production either good A or good B, then A and B are
96. The word demand should be used to mean the quantity demanded which is purchased at a fixed price
97. The example of Joint Demand is
98. Normally shaped indifference curves are bowed towards the origin of the graph. The reason for this shape is
99. Match the following.
List-I
List-II
a. Monopoly
1. Single buyer, single seller
b. Oligopoly
2. Single seller, many buyers
c. Monopsony
3. Single buyer, many sellers
d. Duopoly
4. Few sellers, many buyers
e. Bilateral monopoly
5. Two sellers, many buyers
List-I | List-II |
a. Monopoly | 1. Single buyer, single seller |
b. Oligopoly | 2. Single seller, many buyers |
c. Monopsony | 3. Single buyer, many sellers |
d. Duopoly | 4. Few sellers, many buyers |
e. Bilateral monopoly | 5. Two sellers, many buyers |
100. Shutdown point referes to the state of loss in short run where a firm need to decide whether to continue with production activity or to suspend it. This point is decided under which condition?
1. AR = AVC
2. AR = MC
3. AR = TVC
4. AR = AC
1. AR = AVC
2. AR = MC
3. AR = TVC
4. AR = AC
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