46.
The term 'revealed preference' was introduced in the book by
a
Foundations of Economic Analysis
47.
In a monopoly market, an upward shift in the market demand results in a new equilibrium with
a
A higher quantity and lower price
b
A higher quantity and higher price
c
A higher quantity and the same price
48.
Which of the following is correct Statement
a
A firm is price-taker under perfect competition
b
The short-run supply curve has a negative slope
c
Under perfect competition a firm determine its price where AR = MR
d
In perfect competitive industry a firm is in equilibrium in the short run only when its AC = AR = MR = MC
49.
The concept of supply curve as used in economic theory is relevant only for the case of
c
Monopolistic competition
d
Perfect or pure competition
50.
Which of the following statement is true
a
In inferior goods, the income and substitution effects are positive
b
In interior goods, the income and substitution effects are negative
c
In case of inferior good, the income effect is negative, although the substitution effect is positive
d
In case of inferior goods, the income effect is positive although the substitution effect is negative
51.
The job of a finance manager is confined to
a
Raising of funds and their effective utilisation
52.
If a monopolist is producing under decreasing cost conditions, increase in demand is beneficial to the society because
a
Consumers get better quality goods
b
Goods will be sold in many markets
c
Cost of production falls and hence price
53.
In perfectly competitive market
a
Both are the price-takers
b
Firm is the price-taker and industry the price maker
c
Firm is the price giver and the industry the price-taker
54.
In Imperfect competition total revenue rises at upto an output level and then
a
An increasing rate, rises
b
An increasing rate, falls
c
A decreasing rate, rises
d
A decreasing rate, falls
55.
In the perfect competition at short run, the firm is a price and can sell amount of output at the going market price.
56.
'Kinked Demand curve approach' is concerned with
57.
Two conditions are required to be there for the equilibrium under monopoly. These are
a
MC = AR and MC cuts the MR from below
b
MC = MR and MR cuts the MC from below
c
MR = MC and MC cuts the MR from below
d
MR = MC and MC cuts the MR from above
58.
Utility theory is not able to explain the reason for
59.
If the demand curve confronting an individual firm is perfectly elastic, then firm is
60.
Which of the following is not the method of forecasting demand
c
Collective opinion method
d
Controlled opinion method
