AP (Advanced Placement) Microeconomics: Questions 258 - 262 of 398

Access detailed explanations (illustrated with images and videos) to 398 questions. Access all new questions- tracking exam pattern and syllabus. View the complete topic-wise distribution of questions. Unlimited Access, Unlimited Time, on Unlimited Devices!

View Sample Explanation or View Features.

Rs. 250.00 -OR-

How to register? Already Subscribed?

Question 258

Question

MCQ▾

How is marginal rate of technical substitution measured?

Choices

Choice (5)Response

a.

Measures trade-off between two factors of production while keeping output constant

b.

c.

d.

All a., b. and c. are correct

e.

Question does not provide sufficient data or is vague

Question 259

Question

MCQ▾

What conditions of the First Welfare theorem is satisfied?

Choices

Choice (5)Response

a.

Competitive market will not will achieve equilibrium exhaust all gains from trade

b.

Distribution of economic benefits is fair

c.

All market equilibria are Pareto efficient

d.

Question does not provide sufficient data or is vague

e.

None of the above

Question 260

Question

MCQ▾

Which of the statement/s hold true for the Bergson-Samuelson welfare function?

Choices

Choice (5)Response

a.

All competitive equilibria are welfare maxima

b.

All welfare maxima are competitive equilibria

c.

Both a. and b. are correct

d.

Question does not provide sufficient data or is vague

e.

None of the above

Question 261

Question

MCQ▾

How are normal profits calculated?

Choices

Choice (5)Response

a.

MR > MC

b.

c.

MR = MC

d.

e.

All of the above

Question 262

Question

MCQ▾

What is the shutdown condition?

Choices

Choice (5)Response

a.

b.

c.

– F > py-c (y) -F

d.

e.

All of the above

Developed by: