Run to win

The basic problem studied in Economics is

• Unlimited wants

• Unlimited means

• Scarcity

• Strategy to meet all our wants

Who has given scarcity definition of economics

• Adam smith

• Marshall

• Robbins

• Robertson

The chief exponent of the cardinal utility approach was

• J. R. Hicks

• R. G. D. Allen

• Marshall

• Stigler

In case of relatively more elastic demand the shape of the curve is

• Horizontal

• Vertical

• Steeper

• Flatter

The primary factors of production are:

• Labour and organisation

• Labour and capital

• Land and capital

• Land and Labour

Formula for calculating AP is

• ∆TP/N

• ∆TP/∆N

• TP/MP

• TP/N

Cost refers to

• Price

• Value

• Fixed cost

• Cost of production

A book seller sold 40 books with the price of ₹10 each. The total revenue of the seller is ₹____

• 100

• 200

• 300

• 400

In monopoly, MR curve lies below

• TR

• MC

• AR

• AC

Group equilibrium is analysed in

• Monopolistic competition

• Monopoly

• Duopoly

• Pure competition