MicroEconomics, Theory and Applications 1 MCQs and Notes
V
Q 1. According to ----------- when income increases by a small increment, it leads to increasing marginal utility of income
A
Q 2. --------- goods violate the law of demand after prices have risen above a certain level
S
Q 3. CES production function is
V
Q 4. A significant property of Cobb Douglas production function is that the elasticity of substitution between inputs is
R
Q 5. Law of variable proportion is valid when:
P
Q 6. If the marginal product of labour is below the average product of labour. It must be true that:
G
Q 7. Diminishing marginal returns implies:
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Q 8. At the point of inflexion, the marginal product is:
S
Q 9. An isoquant is ______ to an iso cost line at equilibrium point:
V
Q 10. Increasing returns to scale can be explained in terms of:
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