According to Chamberline, in monopolistic competition, differentiation is determined by:
Choices
Preferences
Both a and b
None of the above
Correct Answer :
C. Both a and b
Related Questions
The income consumption curve (ICC) is the locus of points of consumer equilibrium resulting:
Only when the price of commodity X changes
Only when the price of commodity Y changes
Only when the consumers income is varied
None of the above
Demand is elastic when the coefficient of elasticity is:
greater than zero
less than one
greater than one
less than one
The supply curve for the short-run competitive firm is the same as:
Marginal cost curve
Average variable cost curve
That part of the marginal cost curve which equals or is greater than AVC
Average total cost curve
Increasing returns is not caused by:
Specialization of labor
Technological advancement
Marketing economics
Varying factor proportions
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
Income-demand curve shows:
Income-expenditure relationship
Income-cost relationship
Income-price relationship
Income-quantity relationship
The number of sellers in oligopoly is:
Two
One
Very large
A few
The ordinary demand curve is also called:
Marshallian demand curve
Hicksian demand curve
Slutsky demand curve
All the above
When a consumer is satisfied with his spending pattern, he is said to be in:
Balance stat
Equilibrium
Disequilibrium
Authenticated form
In the theory of firm, Chamberline presented the idea of:
Rising cost
Falling cost
Rising input
Falling input
MRSxy measures:
The amount of Y a consumer is willing to give up to obtain one additional unit of X and still remain on the same indifference curve
The amount of X a consumer is willing to give up to obtain one additional unit of Y and still remain on the same indifference curve
The amount of Y a consumer is willing to give up to obtain one additional unit of X and move to a higher indifference curve
The amount of X a consumer is willing to give up to obtain one additional unit of Y and move to a higher indifference curve
The Input-Output Analysis was originated by:
W.W. Leontief
E.D.Domar
R.G.D.Allen
J.M.Keynes
J.R.Hicks was:
Neo-classical economist
Classical economist
Keynesian economist
Post-Keynesian economist
In which case the elasticity shown by the different points of a curve is the same?
A straight line curve
A downward sloping demand curve
A rectangular hyperbola demand curve
None of the above
To calculate the Economic Profit we must deduct which of the following cost from our total revenues?
Opportunity cost
Direct cost
Rent cost
Wage cost
The concept of industry in monopolistic competition has been replaced by:
Firm
Product group
Producers
Shopkeepers
Equilibrium of a firm represents maximization of profits as well as:
Maximization of losses
Minimization of losses
Minimization of profits
None of the above
Who finalized the model of imperfect competition?
Ricardo
Marshal
Chamberlin
Mrs. Robinson
A mixed economy is characterized by the coexistence of:
Modern and traditional industries
Public and private sectors
Foreign and domestic investments
Commercial and subsistence farming
There is no difference between fixed and variable factors in the:
Long run
Short run
Average run
None of the above
Other things remaining the same, when a consumers income increases his equilibrium point moves to:
A lower indifference curve
A lower PPC curve
Remains on same indifference curve
A higher indifference curve
The demand curve of giffen goods will be:
Negatively sloped
Positively sloped
Parallel to X-axis
None of the above
Indifference curves reflect:
Preferences
Income
Prices
Consumption
The Modern and Neo-Keynsian Theory of Interestwas presented by:
Gunner Myrdal
A.C.Pigou
J.M.Keynes
J.R.Hicks
The point on which the average cost is minimum in a firm, short run average cost curve will also be the minimum cost point on the firms long-run average cost curve. This is true:
Always
Never
When LAC is falling
Only at that level of output when LAC is at its minimum
Under pure monopoly, there will be:
No distinction between firm and industry
One firm and no industry
No firm and no industry
None of the above
At a point above the middle of a straight line demand curve, elasticity of demand is:
Less than one
Equal to one
More than one
Equal to infinite
In collusive olligopoly, the firms may make:
Open agreements
Secret agreements
Both a and b
None of the above
The imaginary differentiation is attributed to difference in:
Style
Salesmanship
Locality
All of these
In the range of excess capacity, the average costs are:
Maximum
Minimum
Equal to one
Equal to zero