Economics - Study Mode
[#451] Under a simple Cournot duopoly model, each duopolist will produce
Correct Answer
(C) one-third the output
[#452] With reference to indifference curve, which of the following statement is/are correct? 1. It represents all those combinations of goods which give same satisfaction to consumer. 2. A consumer selects or buy the combination of equilibrium goods that maximise utility. Select the correct answer
Correct Answer
(A) Only 1
[#453] Which one of the following formulae based on the given diagram would be appropriate for measuring the elasticity of demand at point R?
Correct Answer
(D) $$frac{{RB}}{{RA}} = frac{{QB}}{{OQ}} = frac{{OP}}{{PA}}$$
[#454] Arrange the following in chronological order. 1. Diminishing returns 2. Negative returns 3. Increasing returns
Correct Answer
(D) 3, 1, 2
[#455] Match the following. List-I List-II a. Law oi diminishing marginal utility 1. Cross demand b. Relationship between price of one commodity and demand for other commodity 2. Oligopoly c. Skimming the cream policy 3. Cardinal approach d. Price rigidity 4. Pioneer pricing
Correct Answer
(B) a-3, b-1, c-2, d-4