::: vuaskari.com ::: please help me in this mcqs of eco401

Which of the following best defines the marginal rate of technical substitution?

       ► The rate at which a producer is able to exchange, without affecting the quantity of output produced, a little bit of one input for a little bit of another input.

       ► The rate at which a producer is able to exchange, without affecting the total cost of inputs, a little bit of one input for a little bit of another input.

       ► The rate at which a producer is able to exchange, without affecting the total inputs used, a little bit of one output for a little bit of another output.

       ► A measure of the ease or difficulty with which a producer can substitute one technique of production for another.

 

Suppose an increase in income causes demand curve to shift to rightward. In this case, what will happen at any given price?

       ► The price elasticity of demand will remain unchanged.

       ► The price elasticity of demand will decrease in absolute terms.

       ► The price elasticity of demand will increase in absolute terms.

       ► The price elasticity of demand will increase, decrease or stay the same. It cannot be determined.

 

Which of the following is true about supply curve under monopoly?

       ► It is same as the competitive market supply curve.

       ► It is the portion of marginal cost curve where marginal costs exceed the minimum value of average variable costs.

       ► It is the result of market power and production costs.

       ► None of the given statements is true.

   

Which of the following is a positive statement?

       ► When the price of a good goes up, consumers buy less of it.

       ► When the price of a good goes up, firms produce more of it.

       ► When the Federal government sells bonds, interest rates rise and private investment is reduced.

       ► All of the given options.

   

 

 

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