At prices above the equilibrium price:

Related MCQs

• Which of the following statements best describes the general form of a production function: (i) It is a purely technological relationship between quantities of input and quantities of output. (ii) It represents the technology of an organisation, sector of an economy. (iii) Prices of inputs or of the output do not enter into the production function. (iv) It is a flow concept describing the transformation of inputs into output per unitof time.
• Which one of the following elasticities takes the average of prices and quantities:
• Which of the following statements is most closely associated with general equilibrium analysis?
• The market equilibrium for a commodity is determined by
• In the case of a free good, the consumer will be in equilibrium when:
• The market equilibrium for a commodity is determined by:
• Suppose a firm sells its product at a price lower than the opportunity cost of the inputs used to produce it. Which is true?
• Change in demand due to a change in the price of related good :
• The Price and quantity relationship for an inferior good is:
• In a combination of X and Y, if price of Y alone changes, the X intercept will :