1.    An increase in demand for a commoditymay be caused by

2. Which of the following statements is correct with reference to the statement given?

With a fall in the price of outgoing calls on mobile

3.  Those goods which carry inverse relation with income of the consumer are called

4. Due to 10% fall in the price of a commodity, its quantity demanded rises from 400 units to 450 units. Which of the following value represent the value of price elasticity of demand?

5.By cardinal numbers,we mean

6. Totalutility is maximumwhen

7.  If the consumerconsumes only one commodity ‘X’, he will be in equilibrium when

8.  Law of diminishing marginalutility states that when more and more standard units of a commodity are consumed without a time lag/gap, marginal utility

9. Initially

MUX = MUY   , with a fall in the price of Y, the consumption of Y

PX                 PY

10. The total utility derived by Mr. X by consuming 6 slices of bread is 30 utils. Marginal utility of the 7th slice of bread is 3 utils. The total utilityfor 7 bread slices will be

11. Once the point of satiety is attained, consumption of additional units of the commodity causes

12. If MUX is 40 and MUY is 30. If the price of Good-Y is ` 9, the price of Good-X at equilibrium will be

                .

13.  An indifference curve slopes down towards the right since more units of one commodity consumed and less units of another commodity consumed would result in

14. Budget set includes

15. The slope of price line, in case of commodities X and Y, is estimatedby

16. For a stable and unique consumer’s equilibrium, MRSXY should be

17. If marginal rate of substitution is increasing throughout, the indifference curve will be

18. As one moves down an indifference curve, the MRSXY will

19. The entire schedule showing various quantities offered for sale at different possible prices of the commodity is called

20. Keeping other factors constant,increase of supply will not occur due to change in

21. Following the concept under theory of producers behaviour the supply curve may shift to the right parallel to the existing supply curve when

22. If the supply of a commodity increases,supply curve would move

23. Supply curve is a straight line parallel to the vertical axis in case of

24.  Supply is said to be relatively elastic in case of

25.  Which of the following represents ‘Per Labour Unit’ of output?

26. If the marginal physical product is negativewhat would be the state of total physical product?

27.  If for a producer the stage of negative returns to a given variablefactor is prevailing then:

28.  If Total Physical Product is at its highest point then the Marginal Physical Product would be

29. Total cost in the short run is classified into fixed costs and variable costs. Which one of the following is a variable cost?

30.  Which of the following short-run cost curves are best described as U-shaped curves?

(a) Total Variable Cost                                              (b) Average Variable Cost

(c) Average Total Cost                                             (d) Marginal Cost

31.  Overhead cost is an alternative name for

32.  Which one of the following is a valid formula for total cost, in short run?

33. Which of the following is the example of an implicit cost?

34. When the rising portion of the marginal cost curve cuts average cost curve from below, average variable cost will be

35.  If in the short run the average total cost is falling,then

36.  The average cost is ` 120 at the production level of the 6th unit. The value of total cost of producing 6 units will be

37.  Average Fixed Cost (AFC) is                           

38. Mrs. P. Lal resigns from her job with M. Shah & Co. that paid her ` 50,000 a month. She commences her own practice; she gets her premises vacated from the tenant who used to pay her a rent of

` 30,000 per month. She also withdraws ` 5,00,000 from her fixed deposits with a bank which used to earn her 12% interest per annum. During the first year, she incurs the following expenses:

(i)     Wages paid to employees                                                                          ` 1,00,000

(ii)     Purchases                                                                                                        ` 2,00,000

(iii)     Electricity, water, phone bills and other sundry expenses            ` 1,00,000 There were no other expenses.

Her total revenue during the year was ` 14,00,000.

Her total explicit cost during the year was

39.  In Q. 38, total implicit costs are

40.  In Q. 38 , total costs of business firm are

41.  In Q. 38, in accounting sense during the first year she makes a profit equal to

42.  In Q. 38, in economic sense, during the first year she makes a profit equal to

43.  In short run, the total cost will be rising at an increasing rate when marginal cost is

44.  A firm is faced with a downward sloping demand curve. As it sells more quantity, its TR will

45.   When TR is rising MR will be

46.  The structure of the automobile industry in India is best described as

47.  Which of the following is not a characteristic of monopolistic competition?

48.  Which of the following markets have the unique feature of indeterminate demand curve?

49. Under which of the market form the firm can charge different prices from different set of consumers for the same commodity?

50. Demand curve in case of monopolistic competition is

51. Firm’s demand curve under monopoly shows                        relation between price and the quantity demanded of a product.

52. Under the monopoly form of market, where the firm is same as industry, there is

53.  In which of the market forms, we assume the existence of perfect knowledge among buyers and sellers?

54.  Which of the following types of market structure is the extreme contrast to monopoly?

55. In the monopolistic competition form of market, which one of the following statements is generally correct?

56.   Under the collusive type of the oligopoly form of market the price is often guided by

57.  Among the following, which one is not a good example of oligopoly market?

58.  A market structure in which there are only two firms is known as

59. Monopsony is a market structure in which there is only

60. In which market structure firms do not incur selling costs?

61. Giffen good is

62. Veblen good is

63. Ed =1 in case of

64. In marginal utility theory, utility is:

65.  TC curve is ___________ shaped starting from ______________.

66. Law of variable proportions holds when:

67. Total revenue is defined as:

68.  Breakeven point means:

69. What is constant in the law of supply?

70.  demand curve is elastic under

71. At price above the equilibrium price, there is:

72.  An example of an external cost is

73.  Supply  cannot be _____________.

74. Very short run price is also called by the name of

75. When supply priceincrease in the short run, the profit of the producer _____:

76.  In the marginal utility theory, Marginal utilityof money is

77. Which feature of utility is not correct?

78.  A shift in budget line, when prices are constant, is due to:

79. The amount of good or service that the producers are able and willing to offer to the market is termed as

40.  Supply is ___________concept.