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Q1301

One common definition of luxury goods is goods with an income elasticity

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Q1302

Which of the following is the best example of Agreement between oligopolists?

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Q1303

When with a change in price the total outlay on a commodity remains constant, it is a case of

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Q1304

Match the following.

List-I	List-II
a. Large number of seller with identical products	1. Monopolistic competition
b. Large number of seller with differentiated products	2. Oligopoly
c. Single seller with single buyer	3. Bilateral monopoly
d. Few sellers	4. Perfect competition

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Q1305

The short-run production function for a firm is as follows
Q = -L³ + 15L² + 10L
Where Q denotes total output in physical units and L denotes units of labour which are homogeneous, but are not perfectly divisible and change in labour does not tend to become zero.
Statement I In this production function, the marginal product of 5^th unit of labour is 85.
Statement II Similarly, in this production function, the average product of the 5^th unit of labour is 60.

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Q1306

Monopolists prefer to sell the products in the markets with

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Q1307

Which of the following statement is correct?

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Q1308

A natural monopoly refers to a monopoly that is defended from the direct competition by

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Q1309

The term optimum allocation on consumer's expenditure on various goods and services is used in

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Q1310

Which factor price can become zero?

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Q1311

If the demand for a good is price elastic, a fall in its price will lead to:
(i) A rise in sales
(ii) A fall in sales
(iii) A rise in total expenditure on the good
(iv) A fall in total expenditure on the good

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Q1312

'Price Pool' is formed to:

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Q1313

When the price of a substitute of commodity X falls, the demand for X-

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Q1314

The assessment of national income is prepared by

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Q1315

Cardinal measure of utility is required in:

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Q1316

A person is obliged to choose between buying a sewing-machine and a radio. He buys the radio. The opportunity cost of the radio may be said to be

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Q1317

'Consumer-equilibrium' means

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Q1318

Along an indifference curve, if the marginal rate of substitution is 3, then the consumer is willing to

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Q1319

The long-run supply curve of a perfectly competitive firm

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Q1320

Normally Demand curve slopes

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