Economics - Study Mode

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[#1426] Good 'Y' is the substitute for good 'X' if 1. A fall in the price of good X leads to the fall in the marginal utility of good Y. 2. A fall in the price of good X leads to the fall in the quantity purchased of good Y. Select the correct answer

(A) Only 1

(B) Only 2

(C) Both 1 and 2

(D) Neither 1 nor 2

Correct Answer

(C) Both 1 and 2

[#1427] Match the following. List-I List-II a. Law of equi-marginal utility 1. Gossen b. Ordinal utility 2. Hicks c. Monopolistic competition 3. Mrs. Robinson d. Marginal productivity theory of distribution 4. Clark

(A) a-2, b-1, c-4, d-3

(B) a-3, b-4, c-2, d-1

(C) a-1, b-2, c-3, d-4

(D) a-4, b-2, c-3, d-1

Correct Answer

(C) a-1, b-2, c-3, d-4

[#1428] Match the following. List-I List-II a. Trade channel discount 1. Oligopoly pricing b. Loss leadership 2. Locational price differentials c. Pricing being non-responsive to changes in the demand and the cost 3. Differential pricing d. Basing point pricing 4. Product line pricing

(A) a-4, b-3, c-2, d-1

(B) a-3, b-4, c-1, d-2

(C) a-2, b-3, c-4, d-1

(D) a-1, b-2, c-3, d-4

Correct Answer

(B) a-3, b-4, c-1, d-2

[#1429] The notion of quasi rent for first defined by

(A) Adam Smith

(B) Piguo

(C) Marshall

(D) Ricardo

Correct Answer

(C) Marshall

[#1430] The monopolistic firm will be in equilibrium, where

(A) Price = Marginal cost

(B) Marginal revenue = Marginal cost

(C) Marginal revenue = Marginal cost = Price

(D) None of the above

Correct Answer

(B) Marginal revenue = Marginal cost