Economic rent does not increase when a factor (output) unit is supplied by
(A) completely inelastic
(B) perfectly elastic
(C) relatively elastic
(D) relatively inelastic
Do regulated markets aim at developing a marketing structure to achieve which of the following?
(A) Widening the price spread between producer and consumer
(B) Reducing the price spread between producer and consumer
(C) Increase in non-working capital of traders
(D) Maximizing the non-working capital of the agents
Under full-cost pricing, the price is determined by which of the following?
(A) By adding to the average cost
(B) By comparing marginal cost and marginal revenue
(C) By adding normal profit to marginal cost
(D) By total cost of production
What is the need to create demand?
(A) production
(B) price
(C) income
(D) import
Consumption function means
(A) Relationship between income and job
(B) Relationship between saving and investment
(C) Relationship between output and input
(D) Relationship between income and consumption
Which of the following is the most important feature of product differentiation?
(A) Pure competition
(B) Monopolistic competition
(C) Monopoly
(D) Oligopoly
What is a situation called in which many firms produce similar goods?
(A) Perfect competition
(B) Monopolistic competition
(C) Pure Competition
(D) oligopoly
The difference between the price a consumer is ready to pay for a commodity and the price actually paid by him is called
(A) Consumer surplus
(B) Producer surplus
(C) Landlord surplus
(D) Surplus of labor
In perfect competition
(A) marginal revenue is less than average revenue
(B) average revenue is less than marginal revenue
(C) average revenue is equal to marginal revenue
(D) average revenue is greater than marginal revenue
It is prudent to determine the quantity of production when the industry is in operation
(A) in case of increasing returns
(B) in case of constant returns
(C) in case of diminishing returns
(D) in case of negative returns
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