Practice Test

Q1) What is the equilibrium market price ? Price (Rs.) : 1 , Demand (tonnes per annum) ; 1,000 , Supply (tonnes per annum) : 400 ; Price (Rs.) : 2 , Demand (tonnes per annum) ; 900 , Supply (tonnes per annum) : 500 ; Price (Rs.) :3 , Demand (tonnes per annum) ; 800 , Supply (tonnes per annum) : 6000 ; Price (Rs.) : 4 , Demand (tonnes per annum) ; 700 , Supply (tonnes per annum) : 700 ; Price (Rs.) : 5 , Demand (tonnes per annum) ; 600 , Supply (tonnes per annum) : 800 ; Price (Rs.) : 6, Demand (tonnes per annum) ; 500 , Supply (tonnes per annum) : 900 ; Price (Rs.) : 7 , Demand (tonnes per annum) ; 400 , Supply (tonnes per annum) : 1,000 ; Price (Rs.) : 8 , Demand (tonnes per annum) ; 900 , Supply (tonnes per annum) : 1,100 ; Show Answer

Q2) A market must have commodity buyers & sellers .What else should a market have ? Show Answer

Q3) A commodity which is bulky & cheap will have Show Answer

Q4) Price is the value of a good in the terms of Show Answer

Q5) A large number of buyers & sellers is a feature of Show Answer

Q6) The demand curve is undefined under which market structure ? Show Answer

Q7) The firm is a price maker in which market structure ? Show Answer

Q8) Demand curve is elastic under which market form ? Show Answer

Q9) Few sellers is a feature Show Answer

Q10) Entry-exit is free under which market structure ? Show Answer

Q11) The demand curve is also called Show Answer

Q12) When demand is elastic MR is Show Answer

Q13) When demand is inelastic MR is Show Answer

Q14) A rational producer will always operate on which portion of demand curve ? Show Answer

Q15) In economics,a state of balance is called Show Answer

Q16) Equilibrium price is also called Show Answer

Q17) A firm should produce where MR = MC and Show Answer

Q18) In oligopoly ,the demand curve is undefined because of Show Answer

Q19) What is that point called when P = AC ? Show Answer

Q20) What is that market called when the goods sells at the same price in all parts of the markets Show Answer

Q21) Total revenue is a straight positively sloping line from origin under Show Answer

Q22) TR minus total explicit cost is called Show Answer

Q23) Under perfect competition ,slope of Mr is Show Answer

Q24) Under perfect competition ,when price line passes through minimum point of AVC curve ,it is called Show Answer

Q25) Under perfect competition ,at the shut down point ,revenue earned by the firm covers which cost ? Show Answer

Q26) Under perfect competition losses incurred by the firm at the shut down point are equal to which cost ? Show Answer

Q27) Under perfect competition ,at minimizing losses point ,firm incurred losses but it continues to produce because the price covers Show Answer

Q28) Under perfect competition the firm will be earning normal profit in the long -run because of which condition ? Show Answer

Q29) Under perfect competition long -run equilibrium of the industry occurs at Show Answer

Q30) One important condition for successful price discrimination about elasticity of demand is Show Answer

Q31) One important condition for successful price discrimination about market structure is Show Answer

Q32) Under monopoly , in the long -run what will the firm earn ? Show Answer

Q33) Under monopolistic competition , in the long -run compare the profit maximizing output with the least cost output Show Answer

Q34) The different between least cost output & profit maximizing output is called Show Answer

Q35) What is the formula for calculating loss per unit Show Answer

Q36) Behavioural assumption of sweezy's kinked demand curve model is Show Answer

Q37) In the kinked -demand curve model the upper portion of the demand curve is Show Answer

Q38) In the kinked -demand curve model the lower portion of the demand curve is Show Answer

Q39) The kink occur at Show Answer

Q40) Under oligopoly the kinked demand curve model explains Show Answer

Q41) Firms aim at maximum of which profit ? Show Answer

Q42) Under perfect competition ,when price equals AR which is further equal to Show Answer

Q43) Under perfect competition ,information is Show Answer

Q44) In a monopoly , what happens to entry / exit in long-run ? Show Answer

Q45) In the short -run a monopolistic firm can incur losses if Show Answer

Q46) Sweezy's model does not explain Show Answer

Q47) Which is that market structure in which P = MC in equilibrium ? Show Answer

Q48) Assume that when price is Rs.20,quantity demanded is 9 units , & when price is Rs. 19 , quantity demanded is 10 units .Based on this information ,what is the marginal revenue resulting from an increase in output from 9 units to 10 units Show Answer

Q49) Assume that when price is Rs.20,quantity demanded is 15 units , & when price is Rs. 18 , quantity demanded is 16 units .Based on this information ,what is the marginal revenue resulting from an increase in output from 15 units to 16 units Show Answer

Q50) Suppose a firm is producing a level of output such that MR>MC.What should the firm do to maximize its profits Show Answer

Q51) Marginal revenue is equal to : Show Answer

Q52) Suppose that a sole proprietorship is earning total revenues of Rs.1,00,000 & is incurring explicit costs of Rs.75,000.If the owner could work for another company for Rs.30,000 a year ,we would conclude that : Show Answer

Q53) Which of the following is not an essential condition of pure competition Show Answer

Q54) Which is the shape of demand curve faced by a firm under perfect competition Show Answer

Q55) Which is the first order condition for the profit of a firm to be maximum ? Show Answer

Q56) Which of the following is not a characteristic of a 'price taker' ? Show Answer

Q57) Which of the following is false ? Show Answer

Q58) With a given supply curve, a decrease in demand causes Show Answer

Q59) It is assumed in economic theory that Show Answer

Q60) Assume that consumers' incomes & the number of sellers in the market for good A both decrease.Based upon this information we can conclude ,with certainty , that equilibrium Show Answer

Q61) Suppose that the supply of camera increases due to an increase in foreign imports.Which of the following will most likely occur ? Show Answer

Q62) Assume that in the market for good Z there is a simultaneous increase in demand & the quantity supplied .The result will be Show Answer

Q63) Suppose the technology for producing personal computers improves & , at the same time , individual discover new uses for personal computers so that there is greater utilisation of personal computers.Which of the following will happen to equilibrium price & equilibrium quantity ? Show Answer

Q64) Which of the following is not a condition of perfect competition Show Answer

Q65) Which of the following is not a characteristics of a perfectly competitive market ? Show Answer

Q66) Which of the following is not a characteristics of monopolistic competition ? Show Answer

Q67) All of the following are characteristic's of a monopoly except Show Answer

Q68) Oligopolistic industries are characterized by Show Answer

Q69) Price-taking firms,i.e.firms that operate in a perfectly competitive market, are said to be 'small' relative to the market .Which of the following best describes this smallness ? Show Answer

Q70) For the price -taking firm : Show Answer

Q71) Monopolistic competition differs from perfect competition primarily because Show Answer

Q72) The long-run equilibrium outcomes in monopolistic competition & perfect competition are similar , because in both market structures Show Answer

Q73) A monopolist is able to maximize his profits when Show Answer

Q74) In which form of the market structure is the degree of control over the price of its product by a firm very large ? Show Answer

Q75) Which is the other name that is given to the average revenue curve Show Answer

Q76) Under which of the following forms of market structure does a firm have no control over the price of its product Show Answer

Q77) Discriminating monopoly implies that the monopolist charges different prices for his commodity Show Answer

Q78) Price discrimination will be profitable only if the elasticity of demand in different market in which the total market has been divided is Show Answer

Q79) The kinked demand hypothesis is designed to explain in the context of oligopoly Show Answer

Q80) The firm in a perfectly competitive market is a price taker .This designation as a price taker is based on the assumption that Show Answer

Q81) Suppose that the demand curve for the XYZ company slopes downward & to the right .We can conclude that Show Answer

Q82) If the firms is in the industry have the following market shares, which market structure would best describe the industry ? Market share : Toothpaste :-18.7% , Dentipaste ;-14.3% , Shinibright;-11.6% , I can't believe its not toothpaste ;-9.4% , Brighter than white ;-8.8% ,Pasty stuff ;-7.4% ,Others ;-29.8% , Show Answer

Q83) The kinked demand curve model of oligopoly assumes that Show Answer

Q84) A firm encounters its 'shutdown point' when : Show Answer

Q85) Suppose that ,at the profit-maximising level of output, a firm finds that market price is less than average total cost ,but greater than average variable cost.Which of the following statements is correct ? Show Answer

Q86) When prices is less than average variable cost at the profit-maximising level of output,a firm should be : Show Answer

Q87) A purely competitive firm's supply schedule in the short run is determined by Show Answer

Q88) One characteristics not typical of oligopolistic industry is Show Answer

Q89) The structure of toothpaste industry in India is best described as Show Answer

Q90) The structure of cold drink industry in India is best described as Show Answer

Q91) Which of the following is incorrect ? Show Answer

Q92) In perfect competition in the long run there will be no Show Answer

Q93) When ___,we know that the firms are earning just normal profits Show Answer

Q94) When ___,we know that the firms must be producing at a minimum point of the average cost curve & so there will be productive efficiency Show Answer

Q95) When_____there will be allocative efficiency meaning thereby that cost of the last unit is exactly equal to the price consumers are willing to pay for it & so that the right goods are being sold to the right people at the right price Show Answer

Q96) Agricultural goods markets depict characteristics close to Show Answer

Q97) . In economics the term market refers to -
(i) a particular place
(ii) a commodity
(iii) buyers and sellers (iv) bargaining for a price
Show Answer

Q98) . Price depends on - Show Answer

Q99) Total revenue can be found out by - Show Answer

Q100) When marginal revenue is zero, total revenue will be - Show Answer

Q101) If MR < 0, then the TR will be - Show Answer

Q102) The change in the total revenue that results from a one unit change in sales is - Show Answer

Q103) The revenue per unit of one commodity sold is called as - Show Answer

Q104) AR can be found out by the formula Show Answer

Q105) Which of the following is not correct – Show Answer

Q106) Which concept of revenue is called price? Show Answer

Q107) If a producer sells 4 units of a good at Rs. 10 per unit and 5 units at Rs. 8 per unit, marginal revenue would be - Show Answer

Q108) Which of the following statement is incorrect - Show Answer

Q109) In the figure above at the equilibrium point E - Show Answer

Q110) In the above figure equilibrium point, quantity and price are - Show Answer

Q111) When demand and supply increase equally, then Show Answer

Q112) If increase in demand is more than increase in supply, then - Show Answer

Q113) When demand increases equilibrium price will increase only if Show Answer

Q114) The equilibrium price remains constant only if demand and supply Show Answer

Q115) The price will decrease if demand remains same and - Show Answer

Q116) In the short period equilibrium price is
(i) higher than long run price
(ii) higher than market price
(iii) lower than market price
(iv) lower than long run price
Show Answer

Q117) The inter-action of market demand and supply curves determines the - Show Answer

Q118) Uniform price for homogeneous product at any one time is the essential condition of - Show Answer

Q119) For maximizing profit, the condition is - Show Answer

Q120) MC = MR = AR means equilibrium position of a firm - Show Answer

Q121) Under perfect competition - Show Answer

Q122) All but one are correct about perfect competition - Show Answer

Q123) An increase in demand for a commodity causes - Show Answer

Q124) Which of the following is/are the features of perfect competition ?
(i) Large number of buyers and sellers
(ii) Identical product
(iii) Free entry and exit
(iv) No transportation cost
Show Answer

Q125) The demand curve of a commodity faced by a competitive firm is - Show Answer

Q126) In the short period, a perfectly competitive firm earns - Show Answer

Q127) Figure (A) shows the equilibrium position - Show Answer

Q128) Figure (B) shows the equilibrium - Show Answer

Q129) In figure (B) L, M and N represents Show Answer

Q130) The figure above shows that the firm belong to - Show Answer

Q131) The firm’s short run supply curve is its marginal cost curve above its average variable cost curve is correct about - Show Answer

Q132) Under perfect competition the price of commodity Show Answer

Q133) AR and MR curve coincide in - Show Answer

Q134) Perfectly elastic demand curve implies that Show Answer

Q135) Under perfect competition, if the AR curve lies below the AC curve, the firm would - Show Answer

Q136) Short run supply curve of a perfectly competitive firm is represented by - Show Answer

Q137) Firms are of optimum size in the long period in case of - Show Answer

Q138) The condition of the long run equilibrium for a competitive firm is - Show Answer

Q139) In the long run, firms only earn normal profits is a feature of - Show Answer

Q140) Odd one out of the following : Show Answer

Q141) The industry's demand curve and the average revenue curve are same in case of - Show Answer

Q142) All the characteristics of monopolistic competition except - Show Answer

Q143) There is no difference between firm and industry in case of - Show Answer

Q144) Find the odd out - Show Answer

Q145) The demand curve of consumers for product produced by firm is indicated by - Show Answer

Q146) If in the long run super normal profits can be made by a firm, it means the firm belongs to Show Answer

Q147) If e> 1 on average revenue curve - Show Answer

Q148) When MR is zero the elasticity of demand on AR curve is - Show Answer

Q149) Entry to the market for new firms is blocked in - Show Answer

Q150) When the firm charges different prices to different customers for the same commodity, it is engaged in - Show Answer

Q151) Lux Supreme, Rexona, Dove Soap, Pears Soap, Liril Soap, etc. indicates - Show Answer

Q152) If price and marginal revenue are same then the demand curve must be - Show Answer

Q153) Perfectly elastic demand curve signifies that - Show Answer

Q154) If under perfect competition, the demand curve lies above the average cost curve, the firm would - Show Answer

Q155) If a monopoly firm is charging price Rs. 20 per unit and elasticity of demand is 5, then, MR will be - Show Answer

Q156) Monopoly price is the function of - Show Answer

Q157) Highly elastic negatively sloped demand curve is related to - Show Answer

Q158) The cross elasticity of demand for monopolist’s product is - Show Answer

Q159) A market situation in which there are only few firms producing differentiated product which are close substitutes is - Show Answer

Q160) The cross elasticity of demand for the product of a firm under perfect competition is - Show Answer

Q161) Demand curve of a firm is indeterminate in case of - Show Answer

Q162) Under monopolistic competition the cross elasticity of demand for the product of a single firm is - Show Answer

Q163) At every level of output AR = MR in case of - Show Answer

Q164) Kinked demand curve is related to - Show Answer

Q165) A single movie theater in a small town or city means - Show Answer

Q166) According to kinked demand curve theory, the upper segment of the demand curve is Show Answer

Q167) A firm under perfectly competitive market wants to double its sales. The firm would - Show Answer

Q168) For maximization of profits, MR = MC is the first order condition - Show Answer

Q169) Which of the following statements are correct with regard to firm's equilibrium -
(i) MR = MC
(ii) MC curve cuts the MR curve from below
(iii) TR = TC (iv) MR = AR
Show Answer

Q170) A firm under monopolistic competition is in long run equilibrium - Show Answer

Q171) The AR curve is tangent to the minimum point of AC curve in the long run, if there is - Show Answer

Q172) In the long run, one firm operates at the optimum level while other operates at sub-optimum level. Such firms belong to - Show Answer

Q173) Which one of the following gives the correct relationship between MR, AR and price elasticity Show Answer

Q174) Marginal revenue wall be negative if elasticity of demand is - Show Answer

Q175) The phenomena of excess production capacity is associated with - Show Answer

Q176) Quantity Sold TR (Rs.)
5 units 300
6 units 330
The AR and MR for 6 units would be –
Show Answer

Q177) The total revenue of the of 2 units would be - Show Answer

Q178) The marginal revenue of 3rd unit would be - Show Answer

Q179) Suppose the price of a commodity determined in a competitive market is Rs. 5, then the marginal revenue of the 4th unit sold would be - Show Answer

Q180) A monopoly firm faces a downward sloping demand curve because - Show Answer

Q181) At the quantity where MR equals MC, the AFC is Rs. 7; AVC is Rs. 23 and the price is Rs. 30, hence, the firm- Show Answer

Q182) . A firm has to take decision whether to produce 15th unit of output but finds its marginal cost of 15th unit to be Rs. 25 and marginal revenue of 15th unit to be Rs. 18 hence firm - Show Answer

Q183) If the market price is Rs. 13, to maximize profits the firm should produce Show Answer

Q184) At the market price of Rs. 6, the maximum profits would be - Show Answer

Q185) Suppose the price falls to Rs. 7, the firm would choose to produce - Show Answer

Q186) A firm making zero economic profit - Show Answer

Q187) If average variable cost exceeds the market price, the firm should produce - Show Answer

Q188) An individual firm is only output adjuster at ruling market price in - Show Answer

Q189) There are few firms selling homogeneous or differentiated products in - Show Answer

Q190) Kinked demand curve shows - Show Answer

Q191) The demand curve is undefined under _____ market structure. Show Answer

Q192) When demand is elastic, MR is _____ Show Answer

Q193) The market that induces formation of cartels is _____ Show Answer

Q194) A bilateral monopoly is one which- Show Answer

Q195) If the demand curve of a firm is a horizontal straight line- Show Answer

Q196) When demand curve is inelastic; MR is- Show Answer

Q197) A rational producer will always operate on the portion of the demand curve Show Answer

Q198) Firms have chronic excess production capacity in _____ market Show Answer

Q199) The theory of monopolistic competition is developed by- Show Answer

Q200) The point where P = AC is called - Show Answer

Q201) TR is a straight positively sloping line from origin is under- Show Answer

Q202) If a monopolist resorts to price discrimination, price will be higher in the market where demand is- Show Answer

Q203) Under collusive oligopoly, price is often decided by- Show Answer

Q204) Slope of firm’s demand curve = ? under perfect competition means demand curve is Show Answer

Q205) Price exceeds MC under monopoly, but not under perfect competition because- Show Answer

Q206) In the long run, a monopolist produces _____ level of output and charge a _____ price than afirm under perfect competition market Show Answer

Q207) TR minus total explicit cost is called _____ Show Answer

Q208) Under perfect competition when price line (AR)passes through minimum point of AVC curve is called _____ Show Answer

Q209) At the shut down point, losses of a firm under perfect competition are equal to- Show Answer

Q210) In the long run under monopolistic competition,profit maximizing profit is _____ Show Answer

Q211) “Purchase only made-in-India jadi-booti toothpaste� will impact the different of market more towards Show Answer

Q212) A monopolist can determine- Show Answer

Q213) A monopolistic firm has a position of ATC = price in the _____ Show Answer

Q214) In perfect competition, in the long run, if new firms enter the industry the supply curve shifts to the right resulting in _____ Show Answer

Q215) The difference between least cost output and profit maximizing output is called _____ Show Answer

Q216) . The kink occurs at- Show Answer

Q217) Doctors, lawyers, consultants, services like power supply, telecommunication fees to different patients/clients. This is a _____ price discrimination. Show Answer

Q218) Charging different prices by monopolist to customers in geographically separate market is a _____ degree of price discrimination Show Answer

Q219) Monopolist charging a price that takes away the entire consumer surplus is a case of _____ degree of price discrimination Show Answer

Q220) Which of the following statements refer to 'Price leadership? Show Answer

Q221) How many sellers usually exist in an oligopoly market? Show Answer

Q222) Which of the following is not correct? Show Answer

Q223) Long-run supply curve in the constant cost industry Show Answer

Q224) The concept of group equilibrium is related to- Show Answer

Q225) Dumping is an example of price discrimination which is _____ price discrimination Show Answer

Q226) ._____is the market structure where there is a single buyer Show Answer

Q227) . At all the level of output AR = MR in ____ Show Answer

Q228) The long run supply curve of an increasing cost industry Show Answer

Q229) The long run supply curve sloping down towards right belongs to _____ industry Show Answer

Q230) Under perfect competition, the MC curve at equilibrium will be- Show Answer

Q231) Market price is the price that prevails in a _____ Show Answer

Q232) The market in which normal price prevails is a _____ market. Show Answer

Q233) Excess capacity is not found under _____ Show Answer

Q234) Which of the following is not a characteristics of a "price taker�? Show Answer

Q235) . In monopolistic competition, a firm is in long run equilibrium _____ Show Answer

Q236) The sale of branded goods is common situation is case of _____ Show Answer

Q237) . Which market explains that Marginal Cost is equal to price for attaining equilibrium Show Answer

Q238) When AR = Rs. 10 and AC = Rs. 8 the firm makes Show Answer

Q239) . A firm's AVC curve is rising, its MC curve must be _____ Show Answer

Q240) . When a market is in equilibrium or has cleared it means _____ Show Answer

Q241) If a competitive firm doubles its output, its total revenue- Show Answer

Q242) Which is the first order condition for the profit of a firm to be maximum? Show Answer

Q243) Full capacity is utilized only when there is Show Answer

Q244) The upper portion of the kinked demand curve is relatively- Show Answer

Q245) . In the very short run period, the price of the commodity is influenced most by- Show Answer

Q246) . Long run normal prices is that which is likely to prevail Show Answer

Q247) The degree of monopoly power is measured in terms of difference between- Show Answer

Q248) The degree of Market Power is determined by Show Answer

Q249) In which type of economic system has the Government no control over price fluctuations? Show Answer

Q250) Which type of economy gives rise to the most efficient allocation of resources and capital in the standard Micro-Economics framework? Show Answer

Q251) In which type of economy do consumers and producers make their choices based on the market forces of demand and supply? Show Answer

Q252) In Economics, a place where Buyers and Sellers meet and bargain over a commodity for a price is called Show Answer

Q253) Which of the following statements best describe a "Market"? Show Answer

Q254) Which of these is not a feature of Market? Show Answer

Q255) Which of these is a feature of Market? Show Answer

Q256) Which of the following is an element of Market Structure? Show Answer

Q257) The Market for ultimate consumers is known as _______ Show Answer

Q258) Which of these is not a Market Structure in Economics? Show Answer

Q259) Which of these is a Market Structure in Economics? Show Answer

Q260) Which of the following types of competition is just a theoretical economic concept, not a realistic case where actual competition and trade take place? Show Answer

Q261) Free Entry / Exit is a characteristic feature of Show Answer

Q262) Free Entry / Exit is a not a characteristic feature of Show Answer

Q263) Free Entry / Exit is possible in Show Answer

Q264) Short run price is also known as Show Answer

Q265) The market for Foodgrains, Cereals, Vegetables, etc. closely resembles Show Answer

Q266) Railways is an example of Show Answer

Q267) Air Travel Service Industry is an example of Show Answer

Q268) Electricity Supply Service is an example of Show Answer

Q269) Bottled Cool Drinks Industry is an example of Show Answer

Q270) Agricultural Goods markets depict characteristics close to Show Answer

Q271) Which of the following is an Oligopoly? Show Answer

Q272) Toothpaste Manufacturing Industry is an example of Show Answer

Q273) Automobile (Cars) Manufacturing Industry is an example of Show Answer

Q274) Toilet Soaps Industry is an example of Show Answer

Q275) Mobile Phone Service Providers is an example of Show Answer

Q276) The structure of the Cold Drink Industry in India is best described as Show Answer

Q277) The conditions of Firm Equilibrium, i.e. MC = MR, and MC cuts MR from below, is applicable for Show Answer

Q278) In which of the following market conditions, does a Firm maximizes its profit when its Marginal Revenue is equal to Marginal Cost? Show Answer

Q279) What is the other name given for Average Revenue Curve? Show Answer

Q280) Which of the following is not a characteristic feature common to both Monopolistic Competition and Perfect Competition? Show Answer

Q281) As in Perfect Competition, the Firms operating in a monopolistically competitive industry can realize only Normal Profits in the long run because Show Answer

Q282) The relationship Firm = Industry is applicable for Show Answer

Q283) In which of the following market structures is the demand curve of the market is represented by the demand curve of the Firm? Show Answer

Q284) The AR Curve and Industry Demand Curve are same in the case of Show Answer

Q285) Why is the Demand Curve of the Market in Monopoly is represented by the Demand Curve of the Firm? Show Answer

Q286) The relationship Industry = Large Number of Firms, is applicable for Show Answer

Q287) The relationship Industry = a Few Firms, is applicable for Show Answer

Q288) Which among the following market structures has the highest product differentiation? Show Answer

Q289) Which among the following market structures has the highest price elasticity? Show Answer

Q290) Which of the following market forms will never suffer losses in the short run? Show Answer

Q291) Under which of the following market structures is the price lower and output larger? Show Answer

Q292) In which form of the market structure is the degree of control over the price of its product by a Firm very large Show Answer

Q293) Under which of the following forms of market structure does a Firm has no control over the price of its product Show Answer

Q294) A market structure in which many Firms sell products that are similar but not identical is known as Show Answer

Q295) Which of the following types of market structure is the exact opposite of Perfect Competition? Show Answer

Q296) Which of the following statements about Price and Marginal Cost (MC) in competitive and monopolized markets is true? Show Answer

Q297) In which of the following types of market structures can a Firm earn abnormal profits in the long run? Show Answer

Q298) In which of the following types of market structure, do Firms produce homogeneous products? Show Answer

Q299) Which of the following statements is incorrect? Show Answer

Q300) Which of the following statements is not true with respect to the long run? Show Answer

Q301) P = MR = MC = AC = is the condition of Show Answer

Q302) Which of the following features is not seen in Imperfect Competition? Show Answer

Q303) Market situation in which there are only two Firms in the market Show Answer

Q304) A market characterized by a Single Buyer of a product or service. Show Answer

Q305) A market characterized by a small number of large buyers. Show Answer

Q306) A market structure in which there is only a Single Buyer and a Single Seller Show Answer

Q307) Duopoly is a market situation in which Show Answer

Q308) A person who charges different prices in different sub-markets is Show Answer

Q309) In India which of the following best describes a perfectly competitive market? Show Answer

Q310) Which industry best fits the description of a Perfectly Competitive market? Show Answer

Q311) Under Perfect Competition, there are _____ Sellers. Show Answer

Q312) Under Pure Competition, there are ______ Sellers. Show Answer

Q313) Which of the following is not an essential condition of Pure Competition? Show Answer

Q314) Which of the following is not true about perfect competition? Show Answer

Q315) Under Perfect Competition, the product is Show Answer

Q316) Under Perfect Competition, each Firm is a _______ Show Answer

Q317) Price under perfect competition is determined by Show Answer

Q318) In a perfect competition, who set the prices: Show Answer

Q319) The assumptions of large number of Sellers and product homogeneity in Perfect Competition, implies that all individual Firms in Perfect Competition are Show Answer

Q320) In which competition, firm has no control over price? Show Answer

Q321) In a Perfect Competitive Market Show Answer

Q322) The distinction between a single firm & an Industry vanishes in which of the following market condition Show Answer

Q323) How are prices determined under Perfect Competition? Show Answer

Q324) Under Perfect Competition, each Firm's control over price is Show Answer

Q325) Under Perfect Competition, Price Elasticity of Demand is Show Answer

Q326) In a Perfectly Competitive Market, the Demand Curve is Show Answer

Q327) Under Perfect Competition, the Firm's Demand Curve is Show Answer

Q328) What is the shape of the Demand Curve faced by a Firm under Perfect Competition? Show Answer

Q329) In India, the Milk Market resembles a perfectly competitive industry. If the industry is an increasing cost industry, the long run supply curve of the industry Show Answer

Q330) Under Perfect Competition, a Firm can earn ______ in the long-run. Show Answer

Q331) Under Perfect Competition, in the long-run, a Firm Show Answer

Q332) Under Perfect Competition, in the long-run, a Firm Show Answer

Q333) Which of these is not a feature of Perfect Competition? Show Answer

Q334) Which of the following is a feature of Perfect Competition? Show Answer

Q335) One of the essential conditions of .Perfect Competition is Show Answer

Q336) Which of the following is true about Perfect Competition? Show Answer

Q337) Which of the following statements regarding Perfect Competition is false? Show Answer

Q338) Which of these is not a feature of Perfect Competition? Show Answer

Q339) Which of the following is not a condition of Perfect Competition? Show Answer

Q340) Which of the following is not a characteristic of a Perfectly Competitive Market? Show Answer

Q341) Which of the following is not a characteristic of a Perfectly Competitive Market? Show Answer

Q342) Which of these is not a feature of Perfect Competition? Show Answer

Q343) Which of the following is not a characteristic feature of Perfect Competition? Show Answer

Q344) Which of the following statements regarding Perfect Competition is false? Show Answer

Q345) Under Perfect Competition, all output can be sold Show Answer

Q346) Which of the following statements is false in a Perfectly Competitive Market with constant returns to scale? Show Answer

Q347) Under Perfect Competition, Demand (D) = Show Answer

Q348) Which of the following curves resembles the Demand Curve in a Perfect Competition? Show Answer

Q349) Which of the following statement is not true about Perfect Competition? Show Answer

Q350) Under Perfect Competition price of the Product Show Answer

Q351) In Perfect Competition, since the Firm is a price- taker, the _______Curve is a Straight Line. Show Answer

Q352) Price Taker Firms Show Answer

Q353) Which of the following is not a characteristic of a "Price Taker"? Show Answer

Q354) Price-Taking Firms, i.e., Firms that operate in a perfectly competitive market, are said to be "small" relative to the market. Which of the following best describes this smallness? Show Answer

Q355) For the price-taking Firm Show Answer

Q356) The Firm in a Perfectly Competitive Market is a Price Taker. This designation as a Price Taker is based on the assumption that - Show Answer

Q357) A Perfectly Competitive Firm Producer has control over Show Answer

Q358) Under Perfect Competition, Demand (D) = AR = MR = Price. This statement is - Show Answer

Q359) Under Perfect Competition, Total Revenue is equal to Marginal Revenue times the quantity sold. This statement is Show Answer

Q360) If a Competitive Firm doubles its output, its Total Revenue Show Answer

Q361) In Perfect Competition, a Firm can maximize its profit in short-run only when Show Answer

Q362) A Competitive Firm maximizes profit at the output level where Show Answer

Q363) In Perfect Competition, when Marginal Cost = Marginal Revenue, Profit is ………. Show Answer

Q364) In Perfect Competition, a Firm maximizing its profits will set its output at that level where Show Answer

Q365) Which of the following market situations explains Marginal Cost equal to Price for attaining equilibrium? Show Answer

Q366) In a Perfectly Competitive Market, if MC = Marginal Cost, MR = Marginal Revenue, AR = Average Cost and P = Price, the first order condition for profit maximization will be - Show Answer

Q367) Which is the first order condition for the profit of a firm to be maximum? Show Answer

Q368) Under the Perfect Competition a Firm will be in Equilibrium when Show Answer

Q369) Under Perfect Competition, a Firm can earn ______ in the short-run. Show Answer

Q370) Under Perfect Competition, in the short-run, the condition AR = MR = MC = AC, means that the Firm is earning - Show Answer

Q371) Under Perfect Competition, in the short-run, if AR < AC at the point when MC = MR, it means that the Firm Show Answer

Q372) In the short run, If a Perfectly Competitive Firm finds Itself operating at a loss, It will Show Answer

Q373) Under Perfect Competition, In the short-run, the condition for shut-down Is Show Answer

Q374) Which of the following Is true with reference to shut down point in a Perfect Competition? Show Answer

Q375) If the price falls below the Minimum Average Variable Cost, a Firm operating under Perfect Competition should, In the short run, Show Answer

Q376) In Perfect Competition, a Firm increases profit when ______ exceeds ______ Show Answer

Q377) In a perfectly competitive markets, if MR is greater than MC then a firm should Show Answer

Q378) In Perfect Competition, a Firm's Profit diminishes when ____exceeds______ Show Answer

Q379) In a perfectly competitive market, in the long run, competitive prices equal the minimum possible ______ cost. Show Answer

Q380) Under Perfect Competition, the burden of a specific tax would bo borne by Show Answer

Q381) Under Perfect Competition, the condition for equilibrium Is AR = MR = MC = AC. This Is for Show Answer

Q382) Under Perfect Competition, In the long-run, the LAC Curve will be _____ to the AR Curve. Show Answer

Q383) Under Perfect Competition, In the long-run, the _____ will be tangent to the AR Curve, Show Answer

Q384) Under Perfect Competition, In the long-run, the industry is said to be in equilibrium, if- Show Answer

Q385) Under Perfect Competition, in the long-run, if SMC = SAC = LAC =LMC = LMR = LAR = Price, then the industry is said to be - . Show Answer

Q386) In the long-run, Industry Equilibrium is achieved if SMC = SAC = LAC = LMC = LMR = LAR = Price. This condition is applicable for - Show Answer

Q387) Under Perfect Competition, the condition for Industry Equilibrium, i.e. SMC = SAC = LAC = LMC = LMR = LAR = Price, Is applicable for - Show Answer

Q388) When the Perfectly Competitive Firm and industry are in long run equilibrium then Show Answer

Q389) In the long run, the Pure Competition Firm can have Show Answer

Q390) In Long run which of the following is true for a perfect competition Show Answer

Q391) In Perfect Competition, in the long run Show Answer

Q392) What are the conditions for long-run equilibrium of the Competitive Firm? Show Answer

Q393) Under Perfect Competition, in the long-run, Output is produced at Show Answer

Q394) Under Perfect Competition, in the long-run, LAC refers to Show Answer

Q395) Under Perfect Competition, in the long-run, resources will be Show Answer

Q396) Excess Capacity is not found under Show Answer

Q397) Under Perfect Competition, the Firm's AR and MR Curve will be the same as Show Answer

Q398) Under Perfect Competition, the Firm's Demand Curve will be the same as Show Answer

Q399) Under Perfect Competition, the Firm's MC Curve will be the same as Show Answer

Q400) Under Perfect Competition, the Firm's Supply Curve will be the same as Show Answer

Q401) Under Perfect Competition, the Firm's Supply Curve will be the same as Marginal Cost (MC) Curve for Show Answer

Q402) Normally, in the short run, the supply curve of a perfectly competitive Firm slopes _____ Show Answer

Q403) The short-run supply curve of the Perfectly Competitive Firm is given by Show Answer

Q404) A Purely Competitive Firm's Supply Schedule in the short run is determined by Show Answer

Q405) In Perfect Competition, in the long run, if a new Firm enters the industry, the Supply Curve shifts to the right resulting in Show Answer

Q406) Under Monopoly, there is / are ______ Seller(s). Show Answer

Q407) Under Monopoly, the product is Show Answer

Q408) In Monopoly, entry of new Firms Show Answer

Q409) Under Monopoly, each Firm is a ______ Show Answer

Q410) Monopolist can control only _________ Show Answer

Q411) Which of the following is false regarding Monopoly? Show Answer

Q412) Under which of the followings forms of market structure does a firm has very considerable control over the price of its product? Show Answer

Q413) A Monopoly will not be a Perfect Monopoly, if cross elasticity of demand of the related goods is Show Answer

Q414) Which of the following best describes Monopoly? Show Answer

Q415) In India, Monopoly exists in the following industry Show Answer

Q416) A Market in which a Single Seller is required for efficient production is called Show Answer

Q417) If the Electricity Market is a Natural Monopoly, it is preferred to have a single producer rather than several small producers because Show Answer

Q418) By Imperfect Monopoly, we mean Show Answer

Q419) Under Monopoly, each Firm's control over price is Show Answer

Q420) In case of a profit maximizing Monopolist, what point determines the Selling Price? Show Answer

Q421) Under Monopoly, Price Elasticity of Demand is Show Answer

Q422) Under Monopoly, the Firm's Demand Curve is Show Answer

Q423) The Demand Curve facing an industrial Firm under Monopoly is a/an Show Answer

Q424) A Monopolist who faces a negatively sloped demand curve operates in the region where the elasticity of demand is Show Answer

Q425) In Monopoly, the relationship between Average and Marginal Revenue Curves is as follows Show Answer

Q426) Under Monopoly, a Firm can earn …….. in the long-run. Show Answer

Q427) In long-run a monopolist always earn profits Show Answer

Q428) In the short run, the Monopolist Show Answer

Q429) A Monopoly Producer usually earns ………. even in the long run. Show Answer

Q430) Abnormal profits exists in the long run only under _____ Show Answer

Q431) Under Monopoly, in the long-run, a Firm Show Answer

Q432) Under Monopoly, in the long-run, a Firm Show Answer

Q433) Monopolies are allocatively inefficient because Show Answer

Q434) The degree of Monopoly Power is measured in terms of difference between Show Answer

Q435) Which of these is not a feature of Monopoly? Show Answer

Q436) Which of these is not a feature of Monopoly? Show Answer

Q437) Which of these does not apply to Monopoly? Show Answer

Q438) Which of the following is not the characteristic of Monopoly? Show Answer

Q439) Which of the following features is not associated with a Monopoly market structure? Show Answer

Q440) All of the following are characteristics of a Monopoly except Show Answer

Q441) In Monopoly Market, there is a — Show Answer

Q442) Economics of Scale allows the Monopolist to set a _____ price than any new entrant. Show Answer

Q443) In Monopoly Market, the product has Show Answer

Q444) Price Elasticity of Demand for Monopolist's Product is Show Answer

Q445) Under Monopoly, in the short-run, the Firm can never make Losses. This statement is Show Answer

Q446) In the case of Monopoly Show Answer

Q447) Under monopoly which of the following are correct Show Answer

Q448) Equilibrium Price of a Monopolist is Show Answer

Q449) Under Monopoly, the Firm can earn _____ in the short-run. Show Answer

Q450) A Monopolist is able to maximize his profits when Show Answer

Q451) If Marginal Revenue exceeds Marginal Cost, a Monopolist should Show Answer

Q452) Under Monopoly, in the short-run, the condition AR = MR = MC = AC, means that the Firm is earning Show Answer

Q453) Under Monopoly, in the short-run, if AR > AC at the point when MC = MR, it means that the Firm Show Answer

Q454) Under Monopoly, in the short-run, if AR < AC at the point when MC = MR, it means that the Firm Show Answer

Q455) Under Monopoly, in the short-run, the Firm will never shut-down. This statement is Show Answer

Q456) Under Monopoly, in the short-run, the condition for shut-down is Show Answer

Q457) If a Monopolist is operating at a production level where Marginal Cost is ' 10 and Marginal Revenue is ' 25, what action you would suggest to him? Show Answer

Q458) When different prices are charged by the Producer, from different customers, it is called Show Answer

Q459) A Monopolist who is selling in two markets in which demand is not identical will be unable to maximize his profits unless he Show Answer

Q460) Price Discrimination in a Monopoly is described as Show Answer

Q461) Objectives of price discrimination in international market is Show Answer

Q462) Price discrimination will not be profitable if elasticity of demand is ______ in different markets. Show Answer

Q463) Discriminating Monopoly implies that the Monopolist charges different prices for his commodity Show Answer

Q464) Which of these is not a pre-requisite for Price Discrimination? Show Answer

Q465) The price discrimination under monopoly will be possible under which of the following conditions? Show Answer

Q466) Which of these is a pre-requisite for Price Discrimination? Show Answer

Q467) Which of the following is a condition which makes Price Discrimination possible? Show Answer

Q468) Barriers to entry like _____ allows the Monopolist to charge a price much below then the price of new entrant, thereby driving the new entrant out of business. Show Answer

Q469) Why is first degree price discrimination termed as the extreme form of price discrimination Show Answer

Q470) Which of the following statements in not true about a discriminating Monopolist? Show Answer

Q471) Under Price Discrimination, the Producer Firm can charge higher prices from a market, if Price Elasticity (e) Show Answer

Q472) Under Price Discrimination, the Producer Firm may charge lower prices from a market, if Price Elasticity (e) Show Answer

Q473) For price discrimination to be successful, the elasticity of demand for the commodity in the two markets, should be: Show Answer

Q474) Price Discrimination is not possible if the market is an indivisible whole of Buyers. This statement is Show Answer

Q475) For practicing Price Discrimination, the Seller should be able to divide his market into two or more sub- markets. The statement is Show Answer

Q476) Price Discrimination is possible Show Answer

Q477) Discriminating Monopoly is possible if two markets have Show Answer

Q478) Discriminating Monopolist divides the total production in two markets in a way that Show Answer

Q479) Under Monopolistic Competition, there are _____ Sellers. Show Answer

Q480) Under Monopolistic Competition, the product is Show Answer

Q481) A market structure in which many firms sell product that are similar, but not identical. Show Answer

Q482) Selling outlay is an essential part of which of the following market situation Show Answer

Q483) Under Monopolistic Competition, each Firm is a Show Answer

Q484) Under Monopolistic Competition, each Firm's control over price is Show Answer

Q485) Under Monopolistic Competition, Price Elasticity of Demand is Show Answer

Q486) Under Monopolistic Competition, the Firm's Demand Curve is Show Answer

Q487) Product Differentiation in a Monopolistic Competition could lead to Show Answer

Q488) Under Monopolistic Competition, a Firm can earn _____ in the long-run. Show Answer

Q489) Under Monopolistic Competition, in the long-run, a Firm Show Answer

Q490) Which of the following markets has the concept of group equilibrium in long-run? Show Answer

Q491) Excess Capacity’ is the essential characteristic of the Firm in the market form of Show Answer

Q492) Under Monopolistic Competition, in the long-run, a Firm Show Answer

Q493) Non-price competition in popular sense called Show Answer

Q494) Which of these does not apply to Monopolistic Competition? Show Answer

Q495) Which of these does not apply to Monopolistic Competition? Show Answer

Q496) Which of the following is not a feature of Monopolistic Competition? Show Answer

Q497) Which of the following is not a characteristic feature of Monopolistic Competition? Show Answer

Q498) Which of the following is not a characteristic of Monopolistic Competition? Show Answer

Q499) Which of these applies to Monopolistic Competition? Show Answer

Q500) Linder Monopolistic Competition, each Seller tries to develop Brand Loyalty for his product. This statement is Show Answer

Q501) The sale of branded articles is common in a situation of Show Answer

Q502) A Firm under Monopolistic Competition advertises Show Answer

Q503) Through more advertising, a monopolistically competitive Firm has successfully created more demand for its product. It would have resulted in shifting of - Show Answer

Q504) Under Monopolistic Competition, Price Discrimination is not possible at all. This statement is Show Answer

Q505) Under Monopolistic Competition, Price Discrimination is not possible at all. This statement is Show Answer

Q506) Which of these does not apply to Monopolistic Competition? Show Answer

Q507) Under Monopolistic Competition, in the short-run, the Firm can never make Losses. This statement is Show Answer

Q508) Under Monopolistic Competition, the Firm can _____ earn in the short-run. Show Answer

Q509) In short run, a Firm in Monopolistic Competition Show Answer

Q510) In long-run, all Firms in Monopolistic Competition Show Answer

Q511) In the short run equilibrium of a Firm in Monopolistic Competition, which Curve is U shaped? Show Answer

Q512) Under Monopolistic Competition, in the short-run, the condition AR = MR = MC = AC, means that the Firm is earning Show Answer

Q513) Under Monopolistic Competition, in the short-run, if AR > AC at the point when MC = MR, it means that the Firm Show Answer

Q514) Under Monopolistic Competition, in the short-run, if AR < AC at the point when MC = MR, it means that the Firm Show Answer

Q515) Under Monopolistic Competition, in the short-run, the Firm will never shut-down. This statement is Show Answer

Q516) Under' Monopolistic Competition, in the short-run, the condition for shut-down is Show Answer

Q517) In Monopolistic Competition, the long-run equilibrium price will be equal to Show Answer

Q518) Under Monopolistic Competition, in the long-run, if MC = MR and LAC = LAR, then the industry is said to be Show Answer

Q519) In the long-run, Industry Equilibrium is achieved if MC = MR and LAC = LAR. This condition is applicable for Show Answer

Q520) In the long-run, Industry Equilibrium is achieved in Monopolistic Competition only if LAC = LMC. This statement is Show Answer

Q521) In the long-run, Industry Equilibrium is achieved in Monopolistic Competition only at the lowest point of LAC Curve. This statement is Show Answer

Q522) In Monopolistic Competition, a Firm is in long run equilibrium Show Answer

Q523) Under Monopolistic Competition, in the long-run, Output is produced at Show Answer

Q524) Under Monopolistic Competition, in the long-run, resources Show Answer

Q525) Monopolistic Competition differs from Perfect Competition primarily because Show Answer

Q526) The long-run equilibrium outcomes in Monopolistic competition and Perfect Competition are similar, because in both market structures Show Answer

Q527) Under Oligopoly, there are ______ Sellers. Show Answer

Q528) ……… is a situation is which a firm bases its market policy on part of the expected behavior of a few close rivals- Show Answer

Q529) Which one of the following is the best example of agreement between Oligopolists? Show Answer

Q530) One characteristic not typical of Oligopolistic Industry is Show Answer

Q531) Under Oligopoly, the product is Show Answer

Q532) Under Oligopoly, each Firm's control over price is Show Answer

Q533) Under Oligopoly, Price Elasticity of Demand is Show Answer

Q534) Under Oligopoly, the Firm's Demand Curve is Show Answer

Q535) Oligopoly is the market from in which there are Show Answer

Q536) Which of the following most closely approximates the definition of an Oligopoly? Show Answer

Q537) Pure Oligopoly is one where Show Answer

Q538) Oligopolistic Industries are characterized by Show Answer

Q539) In which of the following, a Kinked Demand Curve can be seen in a Firm? Show Answer

Q540) Which of these does not apply to Oligopoly? Show Answer

Q541) One characteristic not typical of Oligopolistic industry is Show Answer

Q542) Which of these applies to Oligopoly? Show Answer

Q543) Duopoly is a specific form where are Show Answer

Q544) The American Economist Sweezy developed the Show Answer

Q545) When an Oligopolistic Firm changes its price, its rival Firms Show Answer

Q546) A Price War in an Oligopoly refers to Show Answer

Q547) A Firm under ______ cannot have sure and definite Demand Curve. Show Answer

Q548) Price Leadership is form of Show Answer

Q549) Under Oligopoly, if one Firm reduces its prices, the other Firms will generally Show Answer

Q550) Kinked demand curve is related to Show Answer

Q551) Kinked demand curve is found in: Show Answer

Q552) As per Kinked Demand Curve Theory of Oligopoly, the Kink is formed at Show Answer

Q553) As per Kinked Demand Curve Theory of Oligopoly, the demand above the Kink is Show Answer

Q554) As per Kinked Demand Curve Theory of Oligopoly, the demand below the Kink is Show Answer

Q555) The upper part of kinked demand curve is Show Answer

Q556) What does the Kinked Demand Curve explain? Show Answer

Q557) A Firm having a Kinked Demand Curve indicates that Show Answer

Q558) The Kinked Demand Hypothesis is designed to explain in the context of Oligopoly Show Answer

Q559) The Kinked Demand Curve model assumes that price elasticity of demand Show Answer

Q560) The demand curve of an oligopolist is Show Answer

Q561) Kinky demand curve model explains the market situation known as ______ Show Answer

Q562) Kinked DD curve under oligopoly is designed to show _______ Show Answer

Q563) The Kinked Demand Curve model of Oligopoly assumes that Show Answer

Q564) In both the Chamberlin and Kinked Demand Curve models, the Oligopolists Show Answer

Q565) In Oligopoly, why it difficult to determine the equilibrium price and output? Show Answer

Q566) If the Demand Curve confronting an individual Firm is perfectly elastic then Show Answer

Q567) Kinked demand curve of the Oligopoly indicates
i. If one firm decreases price other firms also decreases the price
ii. If one firm increases price other firms also increases the price
iii. If one firm decreases the price other firms does not decrease the price.
iv. If one firm increases the price other firms does not increase the price.
Show Answer

Q568) Profits of the firm will be more at: Show Answer

Q569) What should firm do when Marginal revenue is greater than marginal cost? Show Answer

Q570) Under monopoly price discrimination depends upon : Show Answer

Q571) Firms in a monopolistic market are price __________: Show Answer

Q572) MR of n th unit is given by : Show Answer

Q573) The market structure in which the number of sellers is small and there is inter dependence in decision making by the firms is known as: Show Answer

Q574) For a discriminating monopolist the condition for equilibrium is: Show Answer

Q575) Given, AR = 5 and Elasticity of demand = 2 Find MR. Show Answer

Q576) If a seller obtains Rs. 3,000 after selling 50 units and Rs. 3,100 after selling 52 units, then marginal revenue will be Show Answer

Q577) A firm will close down in the short period, if its AR is less than : Show Answer

Q578) Which one of the following expressions is correct for Marginal Revenue? Show Answer

Q579) For a firm to become profitable it should expand output whenever: Show Answer

Q580) On the basis of nature of transactions, a market may be classified into: Show Answer

Q581) In very short period market: Show Answer

Q582) Equilibrium price may be determined through: Show Answer

Q583) If price is forced to stay below equilibrium price then consequently it can be said that: Show Answer

Q584) An increase in supply with unchanged demand leads to : Show Answer

Q585) In the long run : Show Answer

Q586) Condition for producer equilibrium is: Show Answer

Q587) An increase in supply with demand remaining the same, brings about. Show Answer

Q588) If the price of a commodity is fixed, then with every increase in its sold quantity the total revenue will ______ and the marginal revenue will _______. Show Answer

Q589) If supply decreases and demand remains constant, then equilibrium price will be? Show Answer

Q590) According to pigou, first degree price discrimination charges price to; Show Answer

Q591) What is the shape of monopolist Average Revenue Curve? Show Answer

Q592) What is the shape of perfectly competitive Average Revenue Curve? Show Answer

Q593) A competitive firm in the short run incur losses. The firm continues production, if: Show Answer

Q594) Under ______ market condition, firms make normal profits in the long run: Show Answer

Q595) Under which of the following market structure AR of the firm will be equal to MR? Show Answer

Q596) Kinked demand curve hypothesis is given by: Show Answer

Q597) Supernormal profits occur, when : Show Answer

Q598) If under perfect competition, the price line lies below the average cost curve, the firm would : Show Answer

Q599) The MR curve cuts the horizontal line between Y axis and demand curve into: Show Answer

Q600) A firm will shut down in the short run if: Show Answer

Q601) _______ is the price at which demand for a commodity is equal to its supply : Show Answer

Q602) ________ is a ideal Market. Show Answer

Q603) Under which Market Situation demand curve is linear and parallel to X axis: Show Answer

Q604) Which market have characteristic of product differentiation? Show Answer

Q605) The demand curve of oligopoly is : Show Answer

Q606) Oligopoly having identical products is: Show Answer

Q607) Demand curve is equal to M. R. curve in which market? Show Answer

Q608) Price discrimination can take place only in __________. Show Answer

Q609) In oligopoly, the kink on the demand curve is more due to __________. Show Answer

Q610) When elasticity of demand is Equal to one in monopoly, marginal Revenue will be __________. Show Answer

Q611) Monopolistic Competitive firms __________. Show Answer

Q612) Monopolist can fix him price of goods whose elasticity is __________. Show Answer

Q613) Perfectly competitive firm faces: Show Answer

Q614) "Price Discrimination" can be best exercised by the Seller in _______. Show Answer

Q615) In Oligopoly the kink in the demand curve is more due to __________. Show Answer

Q616) Under which market Condition firms make only normal profits in the long run? Show Answer

Q617) In monopolistic competition excess capacity in the firm __________. Show Answer

Q618) Selling costs have to be incurred in case of: Show Answer

Q619) In market, the price and output equilibrium is determined on the basis of: Show Answer

Q620) A perfect market is characterised by Show Answer

Q621) Which of the following is not a feature of oligopoly market? Show Answer

Q622) In a competitive market, if price exceeds Average Variable Cost (AVC) but remains less than Average Cost (AC) at the equilibrium, the firm is : Show Answer

Q623) Equilibrium price for an industry in perfect competition is fixed through Show Answer

Q624) In the long run, which of the following statement is true for a firm in a perfectly competitive industry? Show Answer

Q625) The firm will attain equilibrium at a point where MC curve cuts __________ from below. Show Answer

Q626) In a monopoly market, a producer has control only over: Show Answer

Q627) “I am making a loss, but with the rent I have to pay, I can’t afford to shut down at this point of time.� If this entrepreneur is attempting to maximize profits or minimize losses. Show Answer

Q628) The price elasticity of demand for a product is infinite under: Show Answer

Q629) Comparing a Monopoly and Competitive firm the Monopolist will: Show Answer

Q630) The reason for the kinked demand curve is that: Show Answer

Q631) A discriminating monopolist will charge a higher price in the market in which the demand for its product is __________. Show Answer

Q632) If a firm under monopoly wants to sell more, its average revenue curve will be a __________ line. Show Answer

Q633) When the industry is dominated by one large firm which is considered as the leader of the group, the market is described as: Show Answer

Q634) Which amongst the following is not an objective of price discrimination? Show Answer

Q635) Which of the following statement is not correct? Show Answer

Q636) Under perfect competition firm is described as: Show Answer

Q637) Condition for equilibrium of firm: Show Answer

Q638) Monopoly is undesirable due to: Show Answer

Q639) A competitive firm in the short run insure losses. The firm continues production, if: Show Answer

Q640) Product differentiation is the main features of which market? Show Answer

Q641) MR Curve in perfect competition is Show Answer

Q642) Which of the following is not the characteristic of MR? Show Answer

Q643) Which of the following statement is correct? Show Answer

Q644) According to Behavioural Principles. Show Answer

Q645) Market consists of ...... Show Answer

Q646) Demand for a product is unitary elastic then Show Answer

Q647) Which of the following is true, when the firm is at equilibrium ? Show Answer

Q648) When TR is at its peak then MR is equal to - Show Answer

Q649) When price is Rs 20, Quantity demanded is 10 units and price is decreased by 5% then quantity demand increased by 10% then Marginal revenue is ..... Show Answer

Q650) Which of the following represents the supply curve in a perfect competitive market. Show Answer

Q651) When TR is max, then MR is Show Answer

Q652) ....... is also called a free market as there are no stipulations on the transactions. Show Answer

Q653) In this market, transactions involve contracts with a promise to pay and deliver goods at some future date. Show Answer

Q654) A firm reaches its shut down point Show Answer

Q655) Demand of good increases from 15 units to 16 units if price decreases from Rs 40 to Rs 38. What will be MR of 16th units. Show Answer

Q656) If a seller obtains Rs 6000 after selling 50 units and Rs 6204 after selling 53 units, then marginal revenue will be : Show Answer

Q657) On the basis of nature of transaction, a market may be classified into : Show Answer

Q658) When a firm produces 7 units of production and the TR is Rs 42 after raising the production to 8 units TR reached Rs 46 marginal revenue will be : Show Answer

Q659) A market where goods are exchanged for money payable either immediately or within a short space of time. Show Answer

Q660) What is the average revenue when ABC Ltd. sells 121 units and TR is Rs 6050 ? Show Answer

Q661) When ABC Ltd. sells 130 units at Rs 50 p. u. then total revenue will be : Show Answer

Q662) Which one is not a part of the elements of a market ? Show Answer

Q663) In the market structure, demand curve is also known as Show Answer

Q664) Selular period is also known as Show Answer

Q665) Total revenue curve initially increases at a diminishing rate due to ... Show Answer

Q666) Total revenue curve is Show Answer

Q667) Marginal revenue will be positive where price elasticity of demand is : Show Answer

Q668) A seller realizes Rs 25000/- after selling 15 units and he realizes Rs 35000/- after selling 25 units, what is the marginal revenue here ? Show Answer

Q669) Which of the following is the price at which the quantity demanded of a commodity is equal to the quantity supplied of the commodity and there is no unsold stock or no unsupplied demand ? Show Answer

Q670) Which of the following is not an element of a market ? Show Answer

Q671) The ..... is the market where the commodities are bought and sold in bulk or large quantities transactions generally take place between trades. Show Answer

Q672) On the basis of nature of transactions market can be classified as : Show Answer

Q673) Monopoly means Show Answer

Q674) When increase in demand is equal to increase in supply and equilibrium price remains constant, then what about equilibrium quantity ? Show Answer

Q675) The equilibrium quantity increases but the charges in equilibrium price is uncertain when Show Answer

Q676) Which is the characteristic feature of monopoly ? Show Answer

Q677) A discriminating monopolist to reach equilibrium position, his decision on total output depends upon Show Answer

Q678) Price discrimination is possible only in ..... Show Answer

Q679) Kinked demand curve is Show Answer

Q680) Demand curve is horizontal in the case of .... Show Answer

Q681) What is the characteristic of monopolistic competition ? Show Answer

Q682) If a perfectly competitive firm earns super normal profits then .... Show Answer

Q683) Live and let live is characteristics of which of the following market ? Show Answer

Q684) In which of the following market there are only two sellers ? Show Answer

Q685) The degree of elasticity in perfect competition market. Show Answer

Q686) A perfect competitive firm earns super-normal profits when Show Answer

Q687) A firm is said to earn normal profit when Show Answer

Q688) Two firms are selling cold-drinks and competing with some identical characteristics. This is an example of Show Answer

Q689) Group behaviour is a characteristic of .... Show Answer

Q690) Myth in Real world Show Answer

Q691) ...... oligopoly refers to that situation where the firms sell their products through a centralized body. Show Answer

Q692) The similarity between monopolistic and perfect competition is .... Show Answer

Q693) Which market has a downward demand curve ? Show Answer

Q694) ..... is the best example of oligopoly. Show Answer

Q695) Aluminium industry is the example of which type of oligopoly. Show Answer

Q696) In which market price are determined by the market forces of demand and supply ? Show Answer

Q697) Railways charges comparatively cheaper fores from senior citizens. These is an example of : Show Answer

Q698) Smart phones market is an example of : Show Answer

Q699) Collusion is impossible if an industry has : Show Answer

Q700) Choose the incorrect statement regarding the barometric price leadership. Show Answer

Q701) Competition among few is described in : Show Answer

Q702) Which of the following is not a coalition of perfect competition ? Show Answer

Q703) Oligopoly industries are characterized by Show Answer

Q704) Pure oligopoly is based on the .... production. Show Answer

Q705) Given AR = 5 and elasticity of demand = 2 find MR. Show Answer

Q706) A firm to attain the equilibrium position under perfect competition has to satisfy which of the following conditions ? Show Answer

Q707) Electricity companies sell electricity as a cheaper rate for power consumption in rural areas than for industrial consumption. This is an example of : Show Answer

Q708) Which of the following is an example of monopolistic competition ? Show Answer

Q709) Who pronounced the price rigidity under kinked demand curve model of oligopoly ? Show Answer

Q710) The demand for genetic good like soap is .... the demand for Lux soap is .... Show Answer

Q711) Zero economic profit emerges due to which of the following conditions ? Show Answer

Q712) Non-price competition is observed in which type of following market ? Show Answer

Q713) A group of firm that explicitly agree (collude) to co ordinate their activities is called a / an .... Show Answer

Q714) Which one of the following is not a characteristics of oligopoly ? Show Answer

Q715) Which of the following is not a features of the monopoly market ? Show Answer

Q716) Demand curve is also known as :
Show Answer

Q717) Prices in monopoly are higher than price under : Show Answer

Q718) In Oligopoly upper part shows which elasticity :
Show Answer

Q719) Which of the following is closely related to perfect competition?
Show Answer

Q720) If the price of good is Rs 100 per unit & quantity demanded is 900 units. If the price decreased to Rs 90 per unit then the demand increases to 100 units calculate marginal revenue. Show Answer

Q721) No substitution are found in which form of Market.
Show Answer

Q722) The market is the direct relationship between - Show Answer

Q723) Which commodity is best for the term period market ? Show Answer

Q724) Demand for a firm's product when express as i percentage of an industry demand it signifies the ___ of firm.
Show Answer

Q725) Which of the following is true ?
Show Answer

Q726) Which of the following is correct ? Show Answer

Q727) When both demand and supply increase, how does it effect the equilibrium quantity and equilibrium price ?
Show Answer

Q728) Price discrimination refers to charging ___ prices for ___ units of ___ commodity.
Show Answer

Q729) There are 4 firms in a market.
Firm A : Market share 39.4 %
Firm B : Market share 1.6%
Firm C : Market share 0.4 %
Firm D : Market share 0.6 %
Which type of Market structure can be most suitable here ?
Show Answer

Q730) A market condition in which there is only a single seller and a single buyer.
Show Answer

Q731) Charging lower price from senior citizens for railway tickets is an example of ___ Show Answer

Q732) Which of the following is not a characteristic of perfect competition -
Show Answer

Q733) When the industry is dominated by one large firm, then it is ___.
Show Answer

Q734) In oligopoly, sellers try to act as ___.
Show Answer

Q735) The kinked demand curve is designed to explain ___
Show Answer

Q736) In case of monopoly, the price elasticity of demand is ___ Show Answer

Q737) The kinked demand curve model of oligopoly assumes that ___
Show Answer

Q738) In which form of the market structure is the degree of control over price of its product by a firm is very large ? Show Answer

Q739) Under perfect competition in the long-run there will be ___ Show Answer

Q740) Degree of control over price is very considerable in ___.
Show Answer

Q741) In which of the market firm price discrimination cannot persist.
Show Answer

Q742) Nuclear power represents which type of market structure:
Show Answer

Q743) Monopoly market and Monopsony market combination is called :
Show Answer

Q744) Marginal revenue curve lies ___ its demand curve in monopolistic competition due to ___ Show Answer

Q745) In monopoly MR is ___ AR.
Show Answer

Q746) Non-Price competition typically occurs with in :
Show Answer

Q747) On the upper side of kinked demand curve what is elasticity of demand -
Show Answer

Q748) Price rigidity is a concept of -
Show Answer

Q749) A firm should produce fill MC ___ MR.
Show Answer

Q750) Who introduced the 'time element' in economics? Show Answer

Q751) Which of the following is not a characteristics of market? Show Answer

Q752) In the initial stage,total revenue is increasing at a decreasing rate due to: Show Answer

Q753) When MR=MC the firm will incur:
Show Answer

Q754) When there is a change in demand and change in supply,what will be the net influence on price if the change in supply is greater than change in demand.
Show Answer

Q755) Which of the following statement is correct?
Show Answer

Q756) In which type of market there are large number of buyer and seller with identical produces: Show Answer

Q757) Kinked demand curve is also known as:
Show Answer

Q758) On the upper part of kinked demand curve the demand is: Show Answer

Q759) The long run equilibrium of a competitive firm is achieved at:
Show Answer

Q760) The producer is an oligopolistic market fixes its price at:
Show Answer

Q761) Which of the following is a behaviour of oligopoly? Show Answer

Q762) Where there are large number of letters in a market and there is very high degree of competition between them,the elasticity of supply is: Show Answer

Q763) Which of the following market may earn supernormal profit in the long run: Show Answer

Q764) Price of goods expresses________value. Show Answer

Q765) Which one of the following is not element of market?
Show Answer

Q766) On the basis of nature of transaction,a market can be classified into which of the following ? Show Answer

Q767) Under which of the following market condition both average and marginal revenue are same ? Show Answer

Q768) 'Average revenue curve' is also known as:
Show Answer

Q769) When demand for commodity is decreasing as a result of fall in income and its supply remains constant,what will be impact on its price?
Show Answer

Q770) In which of the following,price are determined by market forces of demand and supply?
Show Answer

Q771) Suppose a seller realizes Rs.100 by selling 10th unit of commodity and Rs.120 by selling 11th unit.What is the MR of 11th unit?
Show Answer

Q772) "Product differentiation" is characteristic of: Show Answer

Q773) "Kinked demand curve" hypothesis explains which of the following concept?
Show Answer

Q774) In which type of Market,product is homogeneous in nature?
Show Answer

Q775) When new firm enter into market and complete with existing firm is a situation called?
Show Answer

Q776) Which of the following is characteristics of Monopoly?
Show Answer

Q777) Not an objective of Price Discrimination? Show Answer