Economics - Study Mode
[#256] Equilibrium with excess capacity arises in
Correct Answer
(B) cut-throat competition
[#257] The major factors affecting demand
Correct Answer
(D) All of these
[#258] The statement that the law of diminishing returns is applied to all fields of production was stated by
Correct Answer
(A) Walras
[#259] Match the following. List-I List-II a. Convexity of the indifference curve to origin 1. Indifference curve analysis b. Quantity of certain goods sacrificed for a large quantity of other goods 2. Consumer's equilibrium c. Equality of the ratio of the marginal utilities with that of the prices of the two goods 3. Substitutability/Complementarity of the two goods d. Separation of substitution and income effects from the total price effect 4. Marginal rate of substitution
Correct Answer
(B) a-3, b-4, c-2, d-1
[#260] Suppose, there is a situation where two individuals are engaged in exchange and if individual 1 is a price-maker and individual 2 is a price-taker, equilibrium
Correct Answer
(A) takes place on the offer curve of individual 1