all these following MCQs 1. A production function specifies : A.The maximum output that can be produced with a given quantity of inputs. B. Only an indirect association between inputs and technical parameters. C.The minimum output that can be produced with a given quantity of inputs. D. Only the effect of long-run changes in fixed inputs. 2. Marginal costs that cannot be attributed to individual units of commodities but are incurred by society as a whole are: A.Internal costs of production B. Social marginal costs C. Costs of intermediate Inputs D. Sunk costs 3. A monopolist can control: A. Only the quantity. B. Both price and quantity. C. Only the price. D. Either price or quantity but not both variables. 4. An isoquant implies: A. Short-run production levels. B. Equal levels of production C. Long-run production levels D. Varying levels of production 5. 'A fixed-proportions production function permits inputs to be combined in: A. A fixed ratio B. Any ratio C. Select ratios D. A ratio defined only by the expansion path. 6. In the neoclassical theory of production, the Marginal Rate of Technical Substitution specifies : A. The slope of an isoquant in general. B. The slope of an iso-profit line. C. The slope of only an L-shaped isoquant. D. The slope of only a linear isoquant. 7. The global soft drinks market is a good illustration of. A.Monopsony B. Monopolistic competition C. Perfect Competition D. Oligopoly 8. Charging toll taxes on public highways are a method of : A. Introducing taxes on negative externalities B. Introducing proxy prices for public goods C. Introducing rationing of public goods D. None of the Above 9. The price-elasticity coefficient of a demand function is: A. Independent of the units of measurement I.e. scale-invariant. B. Dependent on changes of scale. C. Defined only for own prices and quantity changes D. Defined only for specific types of demand functions 10. The Indian Railways can be classified as a: A. Natural monopoly B. Quasi-oligopoly C. State-owned monopoly D. Private sector monopoly 11. In monopolistic competition, the products and services offered by firms are: A. Relatively strong complements. B. Close substitutes C. Perfect complements D. Perfect substitutes 12. A deadweight loss quantifies: A. Losses due to productive inefficiency. B. Losses due to unfavourable terms of trade. C. Losses due to unrealized gains-to-trade. D. Losses due to excess productive capacity