Which of the following statements is incorrect?

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Question:
Which of the following statements is incorrect?

1.An indifference curve must be downward sloping to the right

2.Convexity of a curve implies that the slope of the curve diminishes as one moves from left to right

3.The elasticity of substitution between two goods to a consumer is zero

4.The total effect of a change in the price of a good on its quantity demanded is called the price effect

Posted Date:-2021-08-20 04:59:51

More MCQS Questions and answers

  1. All but one of the following are assumed to remain the same while drawing an individuals demand curve for a commodity. Which one is it?
  2. An increase in the supply of a commodity is caused by:
  3. An ISO-product curve slopes:
  4. Economic rent can accrue to:
  5. Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its:
  6. Identify the factor which generally keeps the price-elasticity of demand for a commodity now:
  7. Identify the neo-classical theory of the rate of interest:
  8. The budget-line is also known as the:
  9. The consumer is in equilibrium at a point where the budget line:
  10. The situation of monopolistic competition is created by:
  11. The supply of a commodity refers to:
  12. Which cost increases continuously with the increase in production?
  13. Which of the following pairs of commodities is an example of substitutes?
  14. Which one of the following is not the assumption of the Marginal Productivity Theory of Distribution?
  15. With which of the following is the concept of marginal cost closely related?
  16. A vertical supply curve parallel to the price axis implies that the elasticity of supply is:
  17. According to current thinking the law of diminishing returns applies to:
  18. According to M. Kalecki the true measure of the degree of monopoly power is the:
  19. An indifference curve slopes down towards right since more of one commodity and less of another result in:
  20. If the demand for a commodity is inelastic an increase in its price will cause the total expenditure of the consumers of the commodity to:
  21. In the context of the firm as a whole quasi-rent is defined as the excess of the total receipts over the total:
  22. On which of the following does the demand for money for speculative motive mainly depend?
  23. The Law of Demand assuming other things to remain constant establishes the relationship between:
  24. The production techniques are technically efficient:
  25. Total utility is maximum when:
  26. What is the shape of the demand curve faced by a firm under perfect competition?
  27. Which form of market structure is characterised by interdependence in decision-making as between the different competing firms?None of the above
  28. Which is the other name that is given to the average revenue curve?
  29. Which of the following cost curves is never Un-shaped?
  30. Which one of the following is the condition of equilibrium for the monopolist?
  31. A factor of production whose supply is fixed in the short run may get additional earnings. These earnings are generally referred to as:
  32. A monopolist is able to maximize his profit when:
  33. A significant property of the Cobb - Douglas production function is that the elasticity of substitution between inputs is:
  34. According to Joseph Schumpeter profit is the reward for:
  35. Contraction of demand is the result of:
  36. Discriminating monopoly implies that the monopolist charges different prices for his commodity:
  37. Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price:
  38. Identify the correct statement:
  39. If regardless of changes in its price the quantity demanded of a commodity remains unchanged then the demand curve for the commodity will be:
  40. In respect of which of the following category of goods is consumers surplus highest?
  41. In the case of a Giffen good the demand curve will be:
  42. In the case of a straight-line demand curve meeting the two axes the price-elasticity of demand at the mid-point of the line would be:
  43. In the case of an inferior good the income elasticity of demand is:
  44. In the short term when the output of a firm increases its average fixed cost:
  45. In which form of the market structure in the degree of control over the price of its product by a firm very large?
  46. Price discrimination will be profitable only if the elasticity of demand in different markets into which the total market has been divided is:
  47. Production is a function of:
  48. Some economists refer to iso-product curves as:
  49. The classical theory explained interest as a reward for:
  50. The cost of one thing in terms of the alternative given up is known as:
  51. The demand for liquidity preference is governed by:
  52. The elasticity of substitution between two perfect substitutions is:
  53. The Kinky demand curve hypothesis is designed to explain in the context of oligopoly:
  54. The Revealed Preference Theory deduces the inverse price-quantity relationship from:
  55. The term normal profit as used in the analysis of equilibrium of the firm under perfect competition refers to:
  56. Total costs in the short-term are classified into fixed costs and varibale costs. Which one of the following is a variable cost?
  57. Under monophony in the labour market the supply curve of labour facing the firm will be:
  58. Under which of the following forms of market structure does a firm have no control over the price of its product?
  59. What is the shape of the average fixed cost (AFC) curve?
  60. Which is the first-order condition for the profit of a firm to be maximum?
  61. Which of the following factors forms the basis of the Loan able Funds Theory of Interest?
  62. Which of the following is not a feature of iso-product curves? Iso-product curves:
  63. Which of the following is not an essential condition of pure competition?
  64. Which of the following oligopoly models is concerned with the maximization of joint profits?
  65. Which of the following purposes normally does not give rise to the demand for loan able funds?
  66. Which of the following statements is incorrect?
  67. Which of the following statements is incorrect?
  68. Which one is not a assumption of the theory of demand based on analysis of indifference curves?
  69. Which one of the following is also known as plant curves?
  70. With which of the theories of wages is the name of John Stuart Mill associated?
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