A. The curve gets steeper as we move downward
B. The marginal benefit decreases as more of a good is consumed
C. In reflects the law of increasing opportunity cost
D. Resources are scarce
Related Mcqs:
- All points on the production possibility curve explain__________________?
A. Allocative efficiency
B. Productive efficiency
C. Less than full use of resources
D. Unattainable levels of output - Any point inside the production possibility curve represents ?
A. Unemployment
B. Failure to achieve productive efficiency
C. Both A. and B.
D. None of these - The intersection of the supply curve and demand curve indicates ?
A. Market equilibrium
B. Market demand
C. Market condition
D. None - A process of production that uses a higher proportion of capital as compared to other factors of production ?
A. Capital intensive technique
B. Labour intensive technique
C. Both a and b
D. None of these - An individuals demand curve is down sloping because_____________________?
A. Price and quantity demanded are inversely related
B. P & D are directly related
C. There is no relation bet P & D
D. None - Upward shift of the demand curve is due to_________________?
A. Changing in quantity demanded
B. Increase in demand
C. Decrease in quantity demanded
D. None - A supply curve shifts because of change in_____________________?
A. The price of the related products
B. Technology
C. Both a and b
D. None of these - The demand schedule or the demand curve of all buyers of a good or service is called____________________?
A. Market demand
B. Total demand
C. Both
D. None - A demand curve shifts because of change is_____________________?
A. Consumer tastes
B. Number of buyers in market
C. Incomes
D. All of these - Excess utility over price derived by the consumers because of negative sloping demand curve ?
A. Producer surplus
B. Consumer surplus
C. Marginal utility
D. Demand surplus
