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Cournot equilibrium is attained where two reaction curves:

A. Repel each other

B. Represent each other

C. Intersect each other

D. None of the above

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  2. The MC curve cuts the AVC and ATC curves:
  3. If the marginal utility of apples to a consumer exceeds that of bananas then the consumer:
  4. LMC represents change in LTC (long-run total cost) due to producing an additional unit of a good while…
  5. The monopolist firm is price setter. The price setter firm is one which:
  6. In sweezy model (kinked demand curve model), the overall increase in costs of production:
  7. Excess capacity is concerned with the:
  8. When elasticity of demand is one (e=1), then following the formula MR=P[1-1/e], the MR will:
  9. In the real world, some competitive firms owns specialized resources that earn a return called:
  10. In Prisoners Dillemma, the players are:
  11. The cost that a firm incurs in purchasing or hiring any factor of production is referred to as:
  12. Which of the following is not an explicit cost of production?
  13. Duopoly is a market where there are:
  14. The ordinary demand curve is also called:
  15. Who first formulated the Marginal Productivity Theory of Distribution?
  16. In case of complementary factors, the isoquants are:
  17. If money income is given then consumer is in equilibrium when:
  18. When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?
  19. If the demand curve is vertical then its slope is:
  20. If a good is an inferior good then an increase in incomes of the consumers will:
  21. According to Marshal, the Law of Diminishing Marginal Utility:
  22. Technological Progress (Invention) can be defined as:
  23. Cartel is associated with:
  24. Which is the correct statement?
  25. The production function can convey to a firm:
  26. A maximin strategy:
  27. The engineering production function and engineering costs curves are concerned with the:
  28. According to classical approach, utility can be:
  29. Any straight line supply which cuts the x-axis will have:
  30. Who developed the concept of Representative Firm?