Economics

✅ The correct answer is C.
National Development Council finalizes the Five Year Plan Proposals.

✅ The correct answer is C.
Quality of a commodity that satisfies some human want or need is called Utility. Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or satisfaction within the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill.

✅ The correct answer is B.
All labour is Heterogeneous.

✅ The correct answer is B.
The other name of Budget line is Price line. “A budget line or price line represents the various combinations of two goods which can be purchased with a given money income and assumed prices of goods”.

✅ The correct answer is B.
An isoquant slopes downward to the right. This implies that the Isoquant is a negatively sloped curve. This is because when the quantify of factor K (capital) is increased, the quantity of L (labor) must be reduced so as to keep the same level of output.

✅ The correct answer is A.
Price discrimination is not possible in case of Perfect competition. Price discrimination is not possible under perfect competition, even if the two markets could be kept separate. Since market demand in each market is perfectly elastic, every seller would try to sell in that market in which could get the highest price. Competition would make the price equal in both the markets. However, price discrimination is possible and profitable only when markets are imperfect.

✅ The correct answer is D.
A monopolist is able to maximize his profits when his marginal cost is equal to marginal revenue. The profit-maximizing choice for the monopoly will be to produce at the quantity where marginal revenue is equal to marginal cost: that is, MR = MC.

✅ The correct answer is B.
If the demand for a good is inelastic, an increase in the price of the good will cause the total expenditure of the consumers of the good to Increase.

✅ The correct answer is A.
The kinked demand curve model of oligopoly assumes that response to a price increase is less than the response to a price decrease. In an oligopolistic market, the kinked demand curve hypothesis states that the firm faces a demand curve with a kink at the prevailing price level. The curve is more elastic above the kink and less elastic below it. This means that the response to a price increase is less than the response to a price decrease.

✅ The correct answer is B.
With Wages-fund theory, the name of John Stuart Mill associated. Mill said that wages mainly depend upon demand for and supply of labour or the proportion between population and capital available.