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In a perfectly competitive market, suppliers must know:

A. The incomes of consumers

B. The price of the good

C. What other commodities households could substitute for the good

D. Consumers expectations of the future

Please do not use chat terms. Example: avoid using "grt" instead of "great".

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  1. According to current thinking, the law of diminishing returns applies to:
  2. The Latin term citeris paribus means:
  3. The situation in between the extremes of the govt. controlled, planned economy and the perfectly free,…
  4. In arriving at stable equilibrium in cournot model, if one firm decreases output the other firm will:
  5. In Edgeworth model, price remains:
  6. The situation of single buyer and single seller is called:
  7. Marshallian demand function is also known as:
  8. Marginal cost is the cost:
  9. A high value of cross-elasticity indicates that the two commodities are:
  10. If the commodity is inferior then Income Effect (I.E) is:
  11. If two goods are complements then indifference curve (IC) will be:
  12. Efficient allocation of resources is likely to be achieved under:
  13. Quantity demanded or supplied is measured in:
  14. The cost of firms in cournot model are:
  15. One common definition of a luxury good is a good with income elasticity:
  16. A monopolist is:
  17. On a straight line demand curve, elasticity of demand at the midpoint is:
  18. When at a given price, the quantity supplied of a commodity is more than the quantity demanded, there…
  19. At the point where the straight line from the origin is tangent to the TC curve, AC is:
  20. According to Saint Thomas Aquinas value is determined by God, but prices by:
  21. When the level of optimal factor combination is over and more labor is employed with the fixed plant,…
  22. According to Chamberline, in monopolistic competition, differentiation is determined by:
  23. Income-demand curve shows:
  24. A mixed economy is characterized by the coexistence of:
  25. In discriminating monopoly (price discrimination), the elasticity of demand of product in two markets…
  26. If by doubling all inputs in the long run output is less than double, it is a case of:
  27. The monopolist firm is price setter. The price setter firm is one which:
  28. Who wrote Mathematical Analysis for Economists?
  29. The least cost combination of factors x , y and z will generally be the point at which:
  30. Rational economic behavior on the part of the consumer means that he will: