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Firms average and marginal revenues are equal under:

A. Monopoly

B. Perfect competition

C. Oligopoly

D. Monopolistic competition

Correct Answer : B.


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  2. Income effect operates through an increase
  3. In the theory of firm, Chamberline presented the idea of:
  4. If two goods are complements then indifference curve (IC) will be:
  5. Average cost curve contains in it:
  6. Change in demand refers to:
  7. Labor theory was firstly rejected by:
  8. The point on which the average cost is minimum in a firm, short run average cost curve will also be…
  9. Revealed Preference Theory was presented by:
  10. Consumer surplus is the difference between
  11. According to Diamond Water Paradox diamonds are more expensive than water because:
  12. The goods sold by firms under monopolistic competition are technological as well as:
  13. Marginal utility is only meant for:
  14. Two policy variables, product and selling activities in the theory of firm was introduced by:
  15. In monopolistic competition (also in kinked demand curve model), a firm sells the amount where:
  16. In the real world, some competitive firms owns specialized resources that earn a return called:
  17. In Revealed Preference Theory, a consumer reveals preference for bundle of:
  18. An indifference curve normally slopes downward from:
  19. Under perfect competition, a firm will be in equilibrium if:
  20. Elasticity of Substitution (s) is defined as:
  21. If the demand for good is less elastic and government levied a tax per unit of output, the price per…
  22. The Lambda or Langrange Multiplier is a:
  23. MC = MR = AC = AR shows the long run equilibrium position of the:
  24. Capital Saving Technological Progress can be defined as:
  25. The elliptical isoquant represents the:
  26. 7.In an economy based on the price system the decision on what shall be produced is made by:
  27. Rational economic behavior on the part of the consumer means that he will:
  28. According to Marshallian approach, utility:
  29. If the marginal utility is divided by the price of the commodity then it is called:
  30. Equilibrium of a discriminating monopolist requires the fulfillment of which one of the following conditions?