Question: In linear programming, the dual of maximization is equal to: A. minimization B. Shadow Pricing C. Maximisation D. None of these Answer» a. minimization Note: The above multiple-choice question is for all general and Competitive Exams in India. 

Question: A perfectly competitive firm should reduce output or shut down in the short run if marketprice is equal to marginal cost and price is: A. greater than average total cost B. less than average total cost C. greater than…

Question: Demand function for a commodity is D = 44 – 7P and supply function S = 2P –10, then theequilibrium price is: A. 4 B. 6 C. 8 D. 10 Answer» b. 6 Note: The above multiple-choice question is…

Question: ____ is a simplified description of reality, designed to yield hypothesis about economicbehaviour that can be tested. A. theory B. postulate C. proposition D. economic model Answer» b. postulate Note: The above multiple-choice question is for all general and…

Question: A price discriminating Monopolist is considered more efficient than a single pricesmonopolist because: A. a price discriminating Monopolist knows its consumers better B. a price discriminating Monopolist can set prices more efficiently C. a price discriminating Monopolist produces a…

Question: The given function f (x) = ax2+ bx + c , is an example of ____ function: A. quadratic B. polynomial C. linear D. rational Answer» a. quadratic Note: The above multiple-choice question is for all general and Competitive…

Question: P = a – bQ is the demand cure of a monopolist. Which of the following statements istrue? A. AR & MR are equal B. The rate of decline of MR is twice the rate of decline of AR…

Question: In input-output analysis,if the exogenous sectors of the open input output model is absorbedin to the system as just another sector _____ A. the transaction matrix B. a technology coefficient C. Leontief closed model D. the Answer» c. Leontief…

Question: The elasticity of demand for the demand curve of a firm under perfect competition is A. 1 B. 0 C. -1 D. α Answer» d. α Note: The above multiple-choice question is for all general and Competitive Exams in…

Question: In an input-output matrix, the element ____shows the input industry II takes from industry I. A. a12 B. a21 C. a11 D. a22 Answer» a. a12 Note: The above multiple-choice question is for all general and Competitive Exams in…