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540. The condition required for consumer equilibrium is
A. $$\frac{{M{U_x}}}{{M{U_y}}} > \frac{{{P_x}}}{{{P_y}}}$$
B. $$\frac{{M{U_x}}}{{M{U_y}}} < \frac{{{P_x}}}{{{P_y}}}$$
C. $$\frac{{M{U_x}}}{{M{U_y}}} = \frac{{{P_x}}}{{{P_y}}}$$
D. None of these
Discussion
541. It describes the law of supply
A. Supply curve
B. Supply schedule
C. Supply equation
D. All of the above
Discussion
542. Who said, "The problem of population is not only with size but with efficient production and equitable distribution"?
A. J. K. Mehta
B. Cooley and Hoover
C. Seligman
D. Malthus
Discussion
543. Consider two straight line demand curves NM and RS in the given figure.
Economics mcq question image
Select the correct statement from amongst the following.
A. Price elasticity of demand will be equal to 1 at point A and less than 1 at point B
B. Price elasticity of demand will be greater than 1 at point A and equal to 1 at point B
C. Price elasticity of demand will be less than 1 at point A and greater than 1 at point B
D. Price elasticity of demand will be greater than 1 at point A and less than 1 at point B
Discussion
544. A firm learns that the own-price elasticity of a product it manufacturers is 3.5. What is the correct action for the firm to take to raise its total revenue?
A. Raises the price because the demand for the good is elastic
B. Lowers the price because the demand for the good is elastic
C. We need information on the firm's cost structure to answer
D. Raise the price because demand is elastic
Discussion
545. Fisher's ideal index number is
A. Arithmetic mean of Laspeyre's and Paasche's index
B. Harmonic mean of Laspeyre's and Paasche's index
C. Geometric mean of Laspeyre's and Paasche's index
D. None of the above
Discussion
546. A firm earns economic profit when total profit exceeds
A. Normal profit
B. Implicit costs
C. Explicit costs
D. Variable costs
Discussion

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