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Micro-economics (1)

This is a SAMPLE UGC NTA NET ECONOMICS Quiz. There are a total 10 questions of 2 marks each. Go for it. All the best

1.

MU curve will be below x-axis when

2.

Pareto optimality condition will hold if

3.

If the monopoly profits were to add to costs so that costs equalled revenue, even if the average cost curve exclusive of profits was raising the average cost curve obtained from the first operation is

4.

Opportunity cost refers to

5.

Monopolistic competition has features of

6.

If MRS between two goods X and Y is equal for all consumers, then this is the marginal condition for a Pareto optimal

7.

Law of diminishing marginal rate of substitution is associated with

8.

A factor of production is said to be superior if its expenditure elasticity

9.

Shut down point for a firm is a situation where its

10.

The substitution effect works to encourage a consumer to purchase more of a product when the price of that good is falling because