Economics - Study Mode
[#1121] Match the following. List-I List-II a. Cross elasticity is zero 1. Price = AVC b. Shut down point 2. Two commodities are independent c. Slutskey theorem 3. Transformation line d. Production possibility 4. Substitution effect
Correct Answer
(D) a-2, b-1, c-4, d-3
[#1122] Which of the following economists has termed fixed cost as complementary cost?
Correct Answer
(A) Marshall
[#1123] In the kinked demand curve model, if one firm reduces its price
Correct Answer
(A) other firms will also reduce their price
[#1124] If the marginal product of labour is below the average product of labour, it must be true that
Correct Answer
(C) The average product of labour is falling
[#1125] When both the price of a substitute and the price of a complement of commodity X rise, the demand for X-
Correct Answer
(A) rises