A maximin strategy:
Maximizes the minimum gain that can be earned
Maximizes the gain of one player, but minimizes the gain of the opponent
Minimizes the maximum gain that can be earned
None of the above
Correct Answer :
A. Maximizes the minimum gain that can be earned
Related Questions
Identify the author of The Affluent Society?
Gunnar Myrdal
N.Kaldor
A.C.Pigou
J.K.Galbraith
If under perfect competition, in the short period, price does not cover the average cost completely, the firm will even then stay in the market as long as:
The average fixed cost is covered
The average variable cost is covered
Some profit is earned
The entrepreneurs enjoy producing
Marginal utility is only meant for:
Half utility
Full utility
Additional utility
Multiplied utility
In cournot model, firms make decisions separately regarding:
output
input
price
advertisement
The monopolist often lead to exploitation of:
Producers
Workers
Managers
Consumers
If a commodity sold under monopoly is got free of cost, then MC will be:
Zero
Identical with the MR
A horizontal straight line
Infinite
In case of monopoly, TR curve rises at a:
Constant rate
Decreasing rate
Increasing rate
None of the above
Airlines that try to lower fares in order to increase revenues believe that demand for airline services is:
Price elastic
Price inelastic
Income elastic
Income inelastic
The partial equilibrium model keeps other things:
Variable
Constant
Increasing
Decreasing
The arc elasticity is the measure of average elasticity at the mid-point of the chord and connects:
Two points on demand curve
Two points on supply curve
Many points on demand curve
Many points on demand curve
Which of the following curves is a rectangular hyperbola?
ATC
AVC
AFC
None of the above
The effect of consumer boycotts usually is:
A rise in the price of the product
A decrease in the demand for the product
A decrease in the supply of the product
An increase in the quantity supplied of the product
In monopoly:
The producer will often produce a volume that is less than the amount which would maximize the social welfare.
The producer will often produce a volume that is more than the amount which would maximize the social welfare.
The consumers will often consume a volume that is more than the amount which would maximize the social welfare.
None of the above
Price-taker firms:
Advertise to increase the demand for their product
Do not advertise, because most advertising is wasteful
Do not advertise because they can sell as much as they want at the current price
Who advertise will get more profits than those who do not
The slope of the iso-cost line (budget line) is determined by:
Pricing of two factors
Productivity of the two factors
Degree of substitutability of two factors
None of the above
The short run cost curve is U shaped because of:
The operation of increasing cost
The existence of fixed cost
The existence of variable cost
All of the above
Efficient allocation of resources is likely to be achieved under:
Monopoly
Monopolistic competition
Perfect competition
Any market form
Price discrimination occurs when:
Different prices are charged to different consumers for homogenous products
Same prices are charged for differentiated products
Different prices are charged for homogenous goods for successive units to the same customer
Any of the above condition is present
In monopoly, new firms:
Can enter and exit
Partially can enter and exit
Cannot enter
None of the above
According to Marshal, the Law of Diminishing Returns is applicable to:
Industry
All fields of production
Agriculture
None of the above
Total utility and price are:
Directly related
Unrelated
Closely related
Negatively related
The general markets results from the imposition of price ceilings has been:
Higher prices
Increased prices
Increased consumption
Shortage of products
Who wrote Economics of Imperfect Competition?
E.H.Chamberlin
Joan Robinson
E.A.G.Robinson
J.M.Keynes
An economic theory is :
An axiom
A proposition
A hypothesis
A tested hypothesis
The production function of homogeneous of degree one (n=1) is also called:
Linearly homogeneous
Zero homogeneous
Infinite homogeneous
None of the above
The average product is given as:
Q.L
Q- L
Q+ L
Q/L
Excess capacity is not found under:
Monopoly
Monopolistic competition
Perfect competition
Oligopoly
Pure monopoly exists:
When there is a single producer
When there is a single producer without any close substitute
When there is a single producer with close substitutes
When a few producers control the industry
With the decrease in marginal valuation of a specific commodity, the price offered by the people:
Decreases
Increases
Become very high
Remain unchanged
Indifference curves are downward sloping and are drawn bowed toward the origin (convex to the origin) implying:
Consumers prefer to have less satisfaction than more of both commodities
As more and more of one commodity is obtained, less and less of the other must be given up to keep satisfaction constant
The total satisfaction obtained along an indifference curve decreases at an increasing rate
None of the above