A strategy taken by a dominant firm
A strategy taken by a firm in order to dominate its rivals
A strategy that is optimal for a player no matter an opponent does
A strategy that leaves every player in a game better off
C. A strategy that is optimal for a player no matter an opponent does
Upward shift in demand curve
Downward shift in demand curve
Movement on the same demand curve
No movement or shift at all
Each additional unit of output will be more expensive to produce
Each additional unit of output will require increasing amount of inputs
Marginal product of the variable factor of production decreases as the quantity increases
All of the above
Monopoly
Perfect competition
Monopolistic competition
Oligopoly
AC curve
SC curve
TC curve
None of the above
P = AVC
TR =TVC
The total losses of the firm equal TFC
All of the above
Marginal cost
Production cost
Labor cost
Supply cost
Is not in equilibrium
Will not buy any banana
Will buy some banana but less than he buys of apples
Is willing to pay more for apples than bananas
Total stock of a commodity in the market
Total production of a commodity during the year
Total production plus total stock of a commodity
Amount of commodity offered for sale at some price at a particular place and time
Productive resources such as labor and capital equipment that firms use to manufacture goods and services are called inputs or factors of production
Unproductive resources that do not take part in production process are called inputs or factors of production
Firms own resources are called inputs or factors of production
None of the above
Variable costs
Fixed costs
Average costs
Marginal costs
Monopoly
Perfect competition
Oligopoly
Imperfect competition
Exact science
Inexact science
Pure science
All of the above
Alfred Marshal
Adam Smith
J.B.Clark
Hicks, Longe and Durbin
The curve representing the cost per unit of output
The demand curve of consumers for the firms product
Total receipts realized by the firm
All of the above
A utility function refers to a particular individual and reflects the tastes of that individual
When the tastes of an individual changes, his utility function changes(shifts)
Different individuals usually have different tastes and thus have different utility functions
Different individuals have same tastes and thus have the same utility function
Pure competition
Pure monopoly
Oligopoly
Monopolistic competition
Slopes downward
Slopes upward
Becomes horizontal
Becomes vertical
Modern and traditional industries
Public and private sectors
Foreign and domestic investments
Commercial and subsistence farming
Science of wealth
Science of national welfare
Science of optimality
Science of scarcity
Can influence the market price
Cannot influence the market price
Can sell at zero price
None of the above
TR equals TC
The TR curve and the TC curve intersect such that TR and TC lie at the same point
The TR curve and the TC curve are parallel and TC exceeds TR
The TR curve and the TC curve are parallel and TR exceeds TC
All of the consumer surplus
All of the producer surplus
Some part of the consumer surplus
None of them
Market price
Equilibrium price
Long-term price
Short-term price
Consumer surplus
Zero
Two rupees
Excess demand
Price falls
Price increases
Price is unchanged
Taste changed
It may be nearly vertical
Quantity demanded is very sensitive to income
Demand is hardly affected by income
Close substitutes for the good are abundant
Cannot make price adjustments
Can make price adjustments
Can adjust number of customers
None of the above
Rise by the amount of the tax
Rise by more than the amount of the tax
Rise by less than the amount of the tax
Remain the same
Less than one
Equal to one
Greater than one
Less than one
There is perfect information about prices
All participants in the market are small relative to the size of the overall market
There are many buyers and sellers
Buyers and sellers do not know each other