#10 UGC NET/JRF PRACTICE QUESTION ECONOMICS

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👉Mutually Exclusive events

👉Mutually Exhaustive events

👉Mutually Likely Events

👉Random variable

👉Public Goods
    ✔Non-rival in Consumption
    ✔Non-excludibility
    ✔Non-rejectable

👉Entry Preventing Price(Limit Price)- J. S. Bain

👉Strong Ordering-P.A.Samuelson

👉Differential Rent-David Recardo

👉Four Consumption Surplus-J.R.Hicks

👉Revealed Preference Theory Ignored Substitution Effect and The Concept of Utility

👉IC curve for Bad Substitute, For Perfect Substitute and For Perfect Comlement, Bad Complement

👉Iso-Revenue Line- shows the various combinations of quantities whose sale yields the same revenue.

👉Iso-Cost Line- which shows the various combinations of factors that will result in same level of total cost.

👉Iso-Quant Curve or Iso-Product Curve or Production Indifference Curve- shows the different possible combinations of two factor inputs yielding the same amount of output.

👉Production Possibility Curve (PPC) or Production Possibility Frontier(PPF) or Transformation Curve- shows the alternative production possibilities facing an economy.



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