Description : If the supply curve is a straight line passing through the origin, then the price elasticity of supply will be - (1) less than unity (2) infinitely large (3) greater than unity (4) equal to unity
Last Answer : (4) equal to unity Explanation: Any straight line supply curve passing through the origin has an elasticity of supply equal to 1. The different types of price elasticity of supply are listed below:
Description : A supply curve passing through the origin will have elasticity (a) Less than 1 ; (b) More than 1 ; (c) Just One ; (d) Zero
Last Answer : (c) Just One ;
Description : Supply curve passing through any point on Y axis(Price) will have elasticity (a) Less than 1 ; (b) More than 1 ; (c) Just One ; (d) Zero
Last Answer : (b) More than 1
Description : A supply curve passing through any point on X axis(quantity) will have elasticity (a) Less than 1 ; (b) More than 1 ; (c) Just one ; (d) Zero
Last Answer : (a) Less than 1 ;
Description : When cost of production is zero, monopoly equilibrium will be established at a level where elasticity of demand curve is : (a) Greater than one (b) Equal to one (c) Less than one (d) Infinity
Last Answer : Equal to one
Description : A demand curve, which is parallel to the horizontal axis, showing quantity, has the price elasticity equal to - (1) Zero (2) One (3) Less than one (4) Infinity
Last Answer : (4) Infinity Explanation: Price elasticity of demand measures consumer response to price changes. If consumers are relatively sensitive to price changes, demand is elastic: if they are relatively ... keeps changing with the price. So the coefficient of price elasticity of demand is infinity.
Description : A demand curve, which is parallel to the horizontal axis, showing quantity, has the price elasticity equal to (1) Zero (2) One (3) Less than one (4) Infinity
Last Answer : Infinity
Description : An indifference curve is always A.A vertical straight line B.Convex to the origin C.Concave to the origin D.A horizontal straight line
Last Answer : B.Convex to the origin
Description : In case of horizontal demand curve , price elasticity of demand is (a) equal to zero (b) equal to one © equal to two (d) infinite
Last Answer : (a) equal to zero
Description : Very short period is the market condition where the supply remain perfectly (a) Elastic ; (b) Inelastic ; (c) Unity elastic ; (d) Elasticity less than 1
Last Answer : (b) Inelastic ;
Description : Equilibrium price is the price when : (1) supply is greater than demand (2) supply is less than demand (3) demand is very high (4) supply is equal to demand
Last Answer : (4) supply is equal to demand Explanation: The equilibrium price is the price where the goods and services supplied by the producer equals the goods and services demanded by the customer(s). How the equilibrium price is achieved is through the 'Invisible Hand', or market forces of the economy.
Description : Which of the following statement is true (a) Monopolist are price takers ; (b) Monopoly firm earn abnormal profits; (c) A Monopoly firm faces straight demand line ; (d) Supply curve of a monopoly firm is positive sloped
Last Answer : (a) Monopolist are price takers ;
Description : A fall in demand or rise in supply of a commodity— (1) Increases the price of that commodity (2) decreases the price of that commodity (3) neutralizes the changes in the price (4) determines" the price elasticity
Last Answer : (2) decreases the price of that commodity Explanation: The four basic laws of supply and demand are: (1) If demand increases and supply remains unchanged, a shortage occurs, leading to a higher ... (4) If demand remains unchanged and supply decreases, a shortage occurs, leading to a higher price.
Description : A fall in demand or rise in supply of a commodity– (1) Increases the price of that commodity (2) decreases the price of that commodity (3) neutralises the changes in the price (4) determines the price elasticity
Last Answer : decreases the price of that commodity
Description : Demand curve remaining the same, if the supply curve shifts to the right then (a) Price and quantity move in the same direction (b) Price and quantity move in the opposite direction © Price and quantity remain unchanged (d) None of the above.
Last Answer : (b) Price and quantity move in the opposite direction
Description : In vibration isolation system, if ω/ωn < 2, then for all values of damping factor, the transmissibility will be A less than unity B equal to unity C greater than unity D zero
Last Answer : C greater than unity
Description : In vibration isolation system, if ω/ω n < 2, then for all values of damping factor, the transmissibility will be a) less than unity b) equal to unity c) greater than unity d) zero
Last Answer : c) greater than unity
Description : n vibration isolation system, if ω/ω n is less than √2 , then for all values of the damping factor, the transmissibility will be a) less than unity b) equal to unity c) greater than unity d) zero
Description : Assertion At the centre of a circular current carrying loop `(I_(1))`, there is an infinitely long straight of the circle. Then magnetic force of attr
Last Answer : Assertion At the centre of a circular current carrying loop `(I_(1))`, there is an infinitely long ... at centre is inwards, parallel to `I_(2)`.
Description : The isoquants in Input Output model is (a) convex to the origin (b) concave to the origin © l shaped. (d) straight line.
Last Answer : © l shaped.
Description : Goods which are perfect substitute of each other will have elasticity of substitution…... (a) Unity ; (b) Less than 1 ; (c) More than 1 ; (d) Infinite
Last Answer : ; (d) Infinite
Description : Long run supply curve of a constant cost industry is (a) Horizontal line at a price that is equal to the long run minimum average cost of production; (b) Horizontal line overlapping X axis ; (c) Vertical line at mid of X axis ; (d) Vertical line overlapping Y axis
Last Answer : (a) Horizontal line at a price that is equal to the long run minimum average cost of production;
Description : Pick out the wrong statement. (A) In the McCabe-Thiele diagram for binary distillation, vertical feed line represents saturated liquid feed and horizontal feed line represents saturated vapour feed (B) In ... layers over a flat plate are of equal thickness, if Schmidt number is equal to unity
Last Answer : (C) For Laminar flow over a plate of length L, the local mass transfer coefficient at a distance L from the leading edge is 1.5 × 10 -2m/s. Then the average mass transfer co-efficient for the plate is 2 × 10 -2m/s
Description : Long run supply curve of a decreasing cost industry is (a) Downward sloping curve ; (b) Upward sloping curve; (c) Straight line parallel to X axis ; (d) Straight line parallel to y axis
Last Answer : (a) Downward sloping curve ;
Description : Name the curve which shows the quantity of products a seller wishes to sell at a given price level. (1) Demand curve (2) Cost curve (3) Supply curve (4) None of these
Last Answer : (3) Supply curve Explanation: The supply curve shows the relationship between the price of a good and the quantity supplied, holding constant the values of all other variables that affect supply. Each point on the curve shows the quantity that sellers would choose to sell at a specific price.
Description : Under increasing returns the supply curve is - (1) positively sloped from is to right (2) negatively sloped from left to right (3) parallel to the quantity-axis (4) parallel to the price -axis
Last Answer : (1) positively sloped from is to right Explanation: Supply curve, in economics, is a graphic representation of the relationship between product price and quantity of product that a seller is willing and ... i.e as the price of a commodity increases in the market, the amount supplied increases).
Description : A movement along the supply curve can be caused by a change in (a) Technology (b) Factor prices (c) The price of the good (d) All of these
Last Answer : (a) Technology
Last Answer : Supply curve
Description : Under increasing returns the supply curve is (1) positively sloped from left to right (2) negatively sloped from left to right (3) parallel to the quantity-axis (4) parallel to the price -axis
Last Answer : positively sloped from left to right
Description : Price discrimination will be profitable only if the elasticity of demand in different markets will be (a) uniform (b) less (c) zero (d) different
Last Answer : (d) different
Description : A horizontal demand curve is - (1) relatively elastic (2) perfectly inelastic (3) perfectly elastic (4) of unitary elasticity
Last Answer : (3) perfectly elastic Explanation: The demand curve facing a perfectly competitive firm is flat or horizontal. This is because all firms in perfect competition are by definition selling an identical (homogeneous) ... of the curve is zero, it is impossible for the price to change in the market.
Description : A horizontal demand curve is (1) ralatively elastic (2) perfectly inelastic (3) perfectly elastic (4) of unitary elasticity
Last Answer : perfectly elastic
Description : In pure monopoly, what is the relation between the price and the marginal revenue? a. the price is greater than the marginal revenue b. the price is less than the marginal revenue c. there is no relation d. they are equal
Last Answer : a. the price is greater than the marginal revenue
Description : In actual machines a.Mechanical advantage is unity b.Mechanical advantage is greater than velocity ratio c.Mechanical advantage is less than velocity ratio d.Mechanical advantage is less than unity e.Mechanical advantage is equal to velocity ratio
Last Answer : c. Mechanical advantage is less than velocity ratio
Description : In vibration isolation system, the transmissibility will be equal to unity, for all values of damping factor, if ω/ωn is A. Equal to 1 B. Equal to √2 C. Less than √2 D. Greater than √2
Last Answer : B. Equal to √2
Description : In actual machines (A) Mechanical advantage is greater than velocity ratio (B) Mechanical advantage is equal to velocity ratio (C) Mechanical advantage is less than velocity ratio (D) Mechanical advantage is unity
Last Answer : (C) Mechanical advantage is less than velocity ratio
Description : In ideal machines (A) Mechanical advantage is greater than velocity ratio (B) Mechanical advantage is equal to velocity ratio (C) Mechanical advantage is less than velocity ratio (D) Mechanical advantage is unity
Last Answer : (B) Mechanical advantage is equal to velocity ratio
Description : If two commodities are complements, then their cross-price elasticity is (1) zero (2) positive (3) negative (4) imaginary number
Last Answer : negative
Description : If the main objective of the government is to raise revenue, it should tax commodities with (1) high elasticity of demand (2) low elasticity of supply (3) low elasticity of demand (4) high income elasticity of demand
Last Answer : (3) low elasticity of demand Explanation: The Ramsey rule states that commodities with low elasticities of demand should be taxed at higher rates than commodities with high elasticities of demand. ... the Ramsey rule may result in a regressive taxation scheme society may view as inequitable.
Last Answer : low elasticity of demand
Description : Figure shows three cases: in all case the circular part has radius r and straight ones are infinitely long. For the same current the ratio of field B
Last Answer : Figure shows three cases: in all case the circular part has radius r and straight ones are infinitely long. For the same ... /(4)):((3pi)/(4)+(1)/(2))
Description : Two straight infinitely long current carrying wires are kept along Z-axis at the coordinates (0,a,0) and (0, -a, 0) respectively, as shown in the figu
Last Answer : Two straight infinitely long current carrying wires are kept along Z-axis at the coordinates (0,a,0) and ... the X-axis will be approximately B. C. D.
Description : Two infinitely long, thin, insulated, straight wires lie in the x-y plane along the x- and y- axis respectively. Each wire carries a current I, respec
Last Answer : Two infinitely long, thin, insulated, straight wires lie in the x-y plane along the x- and y- axis respectively. Each ... x C. y = x-1 D. y = -x+1
Description : If two pure reflections about a line passing through the origin are appliedsuccessively the result is a.Pure rotation b.Quarter rotation c.Half rotation d.True reflection
Last Answer : a.Pure rotation
Description : The income elasticity of demand being greater than one, the commodity must be - (1) a necessity (2) a luxury (3) an inferior good (4) None of these
Last Answer : (2) a luxury Explanation: In economics, income elasticity of demand measures the responsiveness of the demand for a good to a change in the income of the people demanding the good, ceteris paribus. It is ... If the elasticity of demand is greater than 1, it is a luxury good or a superior good.
Description : The income elasticity of demand being greater than one, the commodity must be (1) a necessity (2) a luxury (3) an inferior good (4) None of these
Last Answer : a luxury
Description : Find the equation of the straight line passing through the point (4, 5) and perpendicular to 3x – 2y + 5 = 0. -Maths 9th
Last Answer : There are two ways to prove it. 1st way: Area of triangle formed by the given points = 0 if they are collinear.∴ \(rac{1}{2}\) [\(x\)(2 - (y + 1) ) + 1((y + 1) - 1) + 0(1 - 2)] = 0⇒ \(rac{1}{2}\) [2\(x\) - \(x\)y - \( ... y - \(x\)y - 1 + \(x\) ⇒ x + y = \(x\)y ⇒ \(rac{1}{x}\) + \(rac{1}{y}\) = 1.
Description : What is the equation of the straight line passing through the point (4, 3) and making intercepts on the co-ordinates axes whose sum is –1 ? -Maths 9th
Last Answer : Diagonals of a rhombus bisect each other at right angles ⇒ Co-ordinates of mid-points of AC and BD are equal∴ 0 = \(\bigg(rac{4+(-2)}{2},rac{-5+(-1)}{2}\bigg)\) = (1, -3)Slope of BD = \(rac{-5+1}{4+2}\) = \(rac{-4}{6}\) ... (rac{3}{2}\) isy + 3 = \(rac{3}{2}\) (x - 1)⇒ 2y + 6 = 3x - 3 ⇒ 2y = 3x - 9.
Description : Say's Law of Market holds that - (1) supply is not equal to demand (2) supply creates its own demand (3) demand creates its own supply (4) supply is greater than demand
Last Answer : (2) supply creates its own demand Explanation: Say's law, or the law of market, is an economic principle of classical economics named after the French businessman and economist Jean-Baptiste Say ... General Theory of Employment, Interest and Money (1936) and a central tenet of Keynesian economics.