1. The profit earned by a Monopoly firm is called as? Innovation profit
2. Production in traditional agriculture does not respond to ? Price changes
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3. Ratio between nominal GNP and real GNP is called ? GNP Deflator
4. The distinction between fixed and variable costs exists only in ? Short run
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5. Indian Army is an example of ? National wealth
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6. When the demand for the product is less elastic inelastic the consumers surplus is ? High
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7. In the marginal utility schedule initial utility become ? First unit
8. When total product is increasing marginal product will be ? Positive
9. The more we have a think the desire for additional units will be ? less
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10. The demand for milk sugar and tea is a case of ? Joint demand
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11. The increase in quantity supplied for a commodity due to rice in price of the commodity it is called ? Extension of supply
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12. The supply of land is perfectly ? Limited
13. When a great https://www.parentous.com/soma-no-prescription/ change in price of a commodity leads to no change in quantity supplied it is called ? Perfectly inelastic supply
14. The various quantities of goods purchased by the consumer at various levels of income is referred to as ? Income demand
15. The excess of income over consumption is called ? Saving
16. Capital is an instrument of production I.e. Man made
17. The line indicating all possible combinations of two communities purchased with a given outlay of funds is called ? Price line
18. The level of indifference curve from the origin depends upon the level of ? Satisfaction
19. Quantity demand of a good which will be changed with reference to change in price of related goods are ? Cross demand
20. The point of maximum satisfaction in consuming two communities is when the slope of indifference curve is tangent to the slope of ? Price line
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