If there are many firms producing similar but differentiated products, the competition is generally said to be:

A. Oligopoly

B. Pure competition

C. Perfect competition

D. Monopolistic competition

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  1. Other things remaining the same, when a consumers income increases his equilibrium point moves to:
  2. Decrease in demand results in:
  3. In centralized cartel, the firms are like:
  4. In case of monopoly, when total revenue is maximum:
  5. When total revenue is maximum in monopoly, elasticity of demand is:
  6. Each firm in cournot model assumes that its competitor will:
  7. If money income is given then consumer is in equilibrium when:
  8. If the increase in demand is more than the increase in supply, the price will:
  9. Price is measured in:
  10. Which industries spend a relatively large share of their revenue on research and development in order…
  11. In Revealed Preference Theory, Samuelson proves P.E = S.E + I.E :
  12. In monopolistic competition, the individual demand curve is also known as:
  13. Opportunity costs are also known as:
  14. A producer attains the least cost combination when the relation between Marginal Rate of Technical Substitution…
  15. In case of short-run, the supply curve of an industry is the horizontal summation of:
  16. Law of Returns to Scale shows:
  17. A demand schedule is shown as:
  18. The elasticity of demand is equal to slope of demand function divided by:
  19. In sweezy model (kinked demand curve model), the role of MC curve:
  20. In 1890, Principles of Economics was written by:
  21. According to Smith, by value we mean the value with respect to use, and the price we mean the value…
  22. A normal profit is:
  23. The isoquant approach is:
  24. Substitution effect means a consumer
  25. Economics is a:
  26. Elasticity of demand is equal to unity while marginal revenue is:
  27. The amount of income left over for a consumer in equilibrium is :
  28. The optimum level of output in long run takes place where:
  29. The kinked demand curve comes into being where:
  30. Price leadership is associated with: