Micro PYQ — Page 8

In the above paragraph, which factor is affecting the supply of Coffee?

On the basis of given data, the slope of the price line will be _________

Arrange the following statements related to the change in demand for normal good. (A) The consumer's income, increases. (B) Given the prices of other goods and the preferences of the consumer, (C) The demand curve shifts rightward. (D) The demand for the normal good at given price changes.

In the cardinal utility analysis, the marginal utility of money is considered to be

The scarcity of resources in the economy gives rise to the problem of............

Which of the following conditions must hold for a firm to maximise its profit. (A) Price= Short run marginal Cost (B) Short Run marginal cost curve is non-decreasing (C) Price ≤ Marginal Cost (D) Price ≥ Average variable cost Choose the correct answer from the options given below:

A consumer derives 10 utilities of satisfaction from consuming 1st unit of good X and 6 utilities of satisfaction from the next unit. What is the marginal utility of the second unit?

How does an increase in price affect supply?

Suppose an individual buy 30 bananas when its price is Rs. 10 per banana. When the price increases to Rs. 14 per banana, she reduces her demand to 24 bananas. In this case,what will be the price elasticity of demand?

The firm must employ more of the variable inputs, in order to increase the production of output. Therefore, as output increases

Arun spends 200 rupees on good X irrespective of its price whereas Varun buys 10 units of Good X irrespective of its price. The respective values of the price elasticity of demand for Good X for both the consumers is

Match List-I with List-II (TP : TOTAL PRODUCT; L: UNITS OF LABOUR) | List-I | List-II | |---|---| | (A) $TP/L$ | (I) Total Product is maximum | | (B) $\Delta TP/\Delta L$ | (II) Marginal product | | (C) $\sum MP$ | (III) Total product | | (D) $MP=0$ | (IV) Average Product | Choose the correct answer from the options given below:

What are the features of an Indifference Curve? (A) Indifference curve slopes upwards from left to right. (B) Higher indifference curve gives greater level of utility. (C) Indifference curve slopes downwards from left to right (D) Two indifference curves never intersect each other Choose the correct answer from the options given below:

When in an economy, available resources are fully utilized at that point production of a combination of goods is known as .........

A hurricane in some parts of the country destroyed a major part of the onion crop. Arrange the chain effects of the same on onion market in proper sequence. (A) There will be upward pressure on the price of onions. (B) The buyers will compete in order to get onions in the market. (C) Demand contracts and supply expands until the market achieves a new equilibrium. (D) The market supply of onions decreases, leading to excess demand for the same. Choose the correct answer from the options given below:

Choose the correct statements in respect of returns to scale. (A) Decreasing returns to scale occur when a proportional increase in all inputs is less than output. (B) Constant returns to scale occur when a proportional increase in all inputs is the same as output. (C) In the long run, factors of production are increased by the same proportion, or factors are scaled up. (D) Increasing returns to scale occur when a proportional increase in all inputs is less than output. Choose the correct answer from the options given below:

What is the fixed cost for producing 200 vases?

Arrange the stages of price determination in a perfect competition market: (A) Estimate the market demand and supply. (B) Firms adjust production to maximize profit. (C) Equilibrium price is established. (D) Short-run profit attracts new firms. Choose the correct answer from the options given below:

If all the resources are used in the production of cloth, the curve which gives the maximum amount of cloth produced in the economy for any given amount of machine is called?

In a long run average cost curve which point is said to be the constant return to scale?

Which one is not the central problem of the economy?

Which goods are represented by a straight line Indifference Curve?

Stages of production are the consequences of:

Which of the following would appropriately define a budget set?