Business Economics

151. The product under monopolistic competition are

1. differentiated with close substitute
2. perfect substitute
3. differentiated without close substitute
4. homogeneous

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152. Production may be defined as an act of:

1. Creating utility
2. Earning profit
3. Destroying utility
4. Providing services

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153. When all the productive services are increased in a given proportion, the product is increased in the same proportion. This situation is called:

1. Law of increasing
2. Situation of constant returns
3. Fixed cost
4. Variable cost

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154. Which are not the features of oligopoly?

1. Few sellers
2. Advertising and sales promotion
3. One firm
4. Conflicting attitudes of firms

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155. Whenever marginal cost is more than ______________ average total cost is falling:

1. Average total revenue
2. Average total cost
3. Average profit
4. All of these

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156. ______________ is situation with increased investment and increased price

1. Recession
2. Progress
3. Boom
4. Recovery

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157. The "law of variable proportion" is first explained by

1. Edward west
2. Marshall
3. Veblen
4. Keynes

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158. A graph indicating different combination of inputs with different level of output is called

1. Iso-cost map
2. BEP map
3. Input-output map
4. Iso-quant map

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159. Which of the following is a short run law?

1. Law of constant return to scale
2. Law of increasing return to scale
3. Law of diminishing return
4. None of these

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160. Related to production function, MRTS stand for;

1. Marginal revenue and total sales
2. Minimum revenue from total sales
3. Marginal rate of total supply
4. Marginal rate of technical substitution

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