AP (Advanced Placement) Microeconomics: Questions 288 - 292 of 456
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Question 288
Question MCQ▾
The cost incurred by the firm in hiring labour is called as
Choices
Choice (5) | Response | |
---|---|---|
a. | Implicit cost | |
b. | Explicit cost | |
c. | Marginal cost | |
d. | Total cost | |
e. | None of the above |
Question 289
Question MCQ▾
Demand for foodstuff is income inelastic. This is explained by
Choices
Choice (5) | Response | |
---|---|---|
a. | Gossen՚s Law | |
b. | Geffen՚s paradox | |
c. | Ricardo՚s Law | |
d. | Engel՚s Law | |
e. | Question does not provide sufficient data or is vague |
Question 290
Question MCQ▾
The condition of Pareto optimality holds correct under
Choices
Choice (5) | Response | |
---|---|---|
a. | Monopoly | |
b. | Oligopoly | |
c. | Monopolistic competition | |
d. | Perfect competition | |
e. | Question does not provide sufficient data or is vague |
Question 291
Question MCQ▾
Even as fixed average cost countries to fall the average variable cost begins to rise because
Choices
Choice (5) | Response | |
---|---|---|
a. | Returns to factors start diminishing | |
b. | Input prices start rising | |
c. | Producer budget starts shrinking. | |
d. | Returns to factors start rising | |
e. | All of the above |
Question 292
Question MCQ▾
Bandwagon Effect ′ is found in which of the following?
Choices
Choice (5) | Response | |
---|---|---|
a. | Relative income hypothesis | |
b. | Absolute income hypothesis | |
c. | Permanent income hypothesis | |
d. | Life cycle hypothesis | |
e. | None of the above |