Managerial Economics - Study Mode
[#281] Ceteris paribus, a change in the price of a commodity causes the quantity purchased of its complements to move
Correct Answer
(B) In the opposite direction
[#282] "The price which is necessary to retain a given unit of a factor in a certain industry may be called its transfer earnings or transfer price." Defined by
Correct Answer
(A) Prof. Lipsey
[#283] In the income, distributed method for finding out national income, which one is not considered as factor income?
Correct Answer
(B) Private income
[#284] Which of the following are not the assumptions related to the theory of consumer behaviour as per the cardinal utility approach? 1. Rational consumer 2. Unlimited money income 3. Utility cardinally measurable 4. Diminishing marginal utility of money 5. Constant marginal utility of commodities 6. Maximisation of satisfaction 7. Utility is additive
Correct Answer
(C) 1, 3, 4 and 5
[#285] Which statement(s) is/are correct?
Correct Answer
(D) All of the above