Microeconomics Quiz 1

Welcome to your Microeconomics quiz 1. The quiz has been prepared by your host Alok Aditya and hope you will enjoy it without any pressure. Please leave your comment in the comment box if you want to give any feedback regarding the quiz.

1. 

Suppose on x axis there is giffen good and on y axis there is normal good, what will be the shape of the price consumption curve if price of giffen good goes down?

2. 

What does it mean by concave preference for two goods?

3. 

What will be the slope of angle curve in case of perfect complimentary good?

4. 
If marginal cost of a monopoly is zero then what will be the elasticity of demand curve setting equilibrium price?

If marginal cost of a monopoly is zero then what will be the elasticity of demand curve setting equilibrium price?

5. 
The value of subsidy to a person is smaller than its cost of subsidy to the government.

6. 
The sales maximization model of oligopoly is given by

7. 
Cournot duopoly model refers to

8. 
Which one is condition for shut down point for a firm in perfect competition market

9. 
The theory of second best in welfare economics is given by

10. 
Locus of all points on different isoquants with constant MRTS between two factors

11. 
The modern theory of wage refers to

12. 
Iron law of wages is also called

13. 
Numeraire price refers to

14. 
The average bundle of two goods will be preferred than two extreme bundle if

15. 
A natural monopolist operates at the point where

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