Economics - Study Mode
[#326] Who gave the surplus value theory of wage?
Correct Answer
(B) Karl Marx
[#327] The longer the time period, the elasticity of supply will be
Correct Answer
(C) More elastic
[#328] Which of the following are true for perfect competition? 1. Very large number of buyers and sellers 2. Restriction on entry and exit of firms 3. Perfectly elastic demand Select the correct answer
Correct Answer
(C) Both 1 and 3
[#329] Which is not the part of business cycle?
Correct Answer
(D) Acceleration
[#330] Assertion (A) Negative MR is not possible in case of perfect competition. Reason (R) Price remains constant for a perfectly competitive firm.
Correct Answer
(A) Both (A) and (R) are true and (R) is the correct explanation of (A)