Indian Economy Questions

Match the characteristics with their market structure:
(a) Firm has control over quantity of output but it must take into account reactions of competitors.
b) Firm will tend to set output so that it earns maximum profits.

If the average total cost are Rs 2400, average variable cost is Rs 1700 and quantity produced is 75 units, find the total fixed costs of the firm?

Government borrowing to finance budget deficits _____.

Which of the following best defines free trade?

Which of the following is not an assumption of perfect competition?

If quantity of a good demanded increases from 200 to 250 then the average income of the population increases from Rs 20,000 to Rs 30,000, find Arc Income elasticity of demand?

Who decides the Minimum Support Price (MSP) for agricultural crops in India?

A ceramic pottery unit hires 8 craftsmen by paying each of them Rs 900 per day. The 9th craftsman demands Rs 950 per day. If this craftsman is hired then all other craftsmen must be paid Rs 950. The marginal resource (labour) cost of the 9th craftsman is _________.