cpt exam General Economics

Which statement is true about law of demand

Which of the following is not a determinant of demand

Generally when income of a consumer increases he goes for superior goods, leading to fall in demand for inferior goods. It means income elasticity of demand is ______

Which one of the following is not a characteristic of land?

An entrepreneur undertakes which of the following functions

With a view to increase his production Hari Haran a manufacturer of shoes, increases all the factors of production in his unit by 100%. But at the end of year he finds that instead of an increase of 100%, his production has increased by only 80%. Which law of returns to scale is operating in this case _____

A demand curve parallel to y-axis implies

Marginal Cost changes due to change in ____ Cost

A firm produces 10 units of commodity at an average total cost of Rs.200 and with a fixed cost of Rs.500. Find out component of average variable cost in total cost.

Average total cost to firm is Rs. 600 when it produces 10 units of output and Rs. 640 when the output is 11 units. The MC of the 11th unit is

The demand curve of an oligopolist is

Selling outlay is an essential part of which of the following market situation

Kinky demand curve model explains the market situation known as _____

The distinction between a single firm & an Industry vanishes in which of the following market condition

For price discrimination to be successful, the elasticity of demand for the commodity in the two markets, should be:

Abnormal profits exists in the long run only under _____

One of the essential conditions of Perfect competition is _____

Production Possibilities curve is also known as ——-

Who has defined Economics as “Science which deals with wealth”

Which of the following is not feature of capitalistic economy?