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4

In case of monopoly, both AR and MR fall, but MR falls:

A. Double to that of AR

B. 1/2 to that of AR

C. 2/3 to that of AR

D. Four times to that of AR

Correct Answer :

A. Double to that of AR


Related Questions

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In discriminating monopoly (price discrimination), the elasticity of demand of product in two markets are:

A. Different

B. Same

C. Zero

D. None of the above

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The firms in non-cooperative games:

A. Enforce contracts

B. Make contracts

C. Make negotiations

D. Do not make negotiations

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If the price of product A decreases and in the result the demand for product B increases then we can say that:

A. A and B are substitute goods

B. A and B are complementary goods

C. A is an inferior good

D. B is an inferior good

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An inferior good/ commodity is inferior for:

A. Every consumer

B. Most consumers

C. All consumers

D. Some consumers and not for others

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A firm considering what type of new plant to build is involved in a:

A. Immediate-run decision

B. Market period decision

C. Short-run decision

D. Long-run decision

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7.In an economy based on the price system the decision on what shall be produced is made by:

A. Government

B. Consumer

C. Producer

D. Stock holder

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The arc elasticity is the measure of average elasticity at the mid-point of the chord and connects:

A. Two points on demand curve

B. Two points on supply curve

C. Many points on demand curve

D. Many points on demand curve

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In a competitive market, price is determined primarily by:

A. Transportation costs

B. The interplay of demand and supply

C. Costs of production

D. The marginal product of labour

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The relationship between AC and MC curves depend upon the behavior of:

A. AP curves

B. MP curves

C. Both of them

D. None of them

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Which of the following is an implicit cost of production?

A. Wages of the labor

B. Charges of electricity

C. Interest on owned money capital

D. Payment for raw materials

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The Lambda or Langrange Multiplier is a:

A. Analyst

B. Catalyst

C. Pessimist

D. Optimist

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An indifferent curve shows:

A. That how many utils are obtained from consuming different bundles of commodities

B. Different collections of two commodities the consumer considers to be of equal value

C. That if price increases there will be an increases in demand

D. None of the above

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Which is the other name that is given to the average revenue curve?

A. Profit curve

B. Demand curve

C. Average cost curve

D. Indifference curve

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When income of the consumer increases then demand curve of an inferior good:

A. Shifts rightward

B. Shifts leftward

C. Does not shift

D. None of the above

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The long run average cost curve is:

A. Cup-shaped

B. Oval-shaped

C. Saucer-shaped

D. Glass-shaped

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The budget constraint can be written as:

A. X.PX + Y.PY = 1

B. X.PX + Y.PY < 1

C. X.PX + Y.PY > 1

D. X.PX + Y.PY = 0

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Cardinal approach includes arranging:

A. The different combinations of X and Y higher and lower without actually measuring the difference of utility between them

B. The different combinations of X and Y higher and lower and measuring the difference of utility between them

C. Different combination of X, Y and Z

D. None of above

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Of the following, which one is a characteristic of monopolistic competition?

A. Standardized product

B. Differentiate product

C. Two firms

D. No entry

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According to Saint Thomas Aquinas value is determined by God, but prices by:

A. Consumers

B. Employees

C. People

D. Labor

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Which is the correct statement?

A. The U shape of long-run cost curve is less pronounced than the short-run cost curves

B. The U shape of the short-run cost curves is less pronounced than the long-run cost curves

C. The U shape of the long-run cost curve is more pronounced than the short-run cost curves

D. The long-run cost curves are never U shaped

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When the slope of a demand curve is infinite (also known as horizontal demand curve) then elasticity will be:

A. Zero (perfectly inelastic)

B. Equal to one (unitary elastic)

C. Infinite (perfectly elastic)

D. None of the above

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An effective price ceiling usually results in:

A. Excess demand

B. Qd > Qs

C. Shortage of supply

D. All of the above

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Identify the work of T.W.Schultz:

A. Transforming Traditional Agriculture

B. Productivity and Technical Change

C. Jobs, Poverty and the Green Revolution

D. Causes of Poverty

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Which of the following formulae explain the term average revenue?

A. Total units /No. of Revenues

B. Total Revenue/No. of Units

C. Marginal Revenue × Units

D. Total Units/ Price

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According to Marshallian approach, utility:

A. Can be added

B. Can be subtracted

C. Can be multiplied

D. Can be divided

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A dominant strategy can best be described as:

A. A strategy taken by a dominant firm

B. A strategy taken by a firm in order to dominate its rivals

C. A strategy that is optimal for a player no matter an opponent does

D. A strategy that leaves every player in a game better off

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The right of individuals to control productive resources is known as:

A. Monopoly

B. Private property

C. Workable competition

D. Oligopoly

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The factors of production in perfect competition are:

A. Stagnant

B. Mobile

C. Immobile

D. Rare

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The firm is at equilibrium where:

A. Output is maximum

B. Profit is maximum

C. Revenues are maximum

D. Profit is minimum

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If the price of a product falls which of the following would occur?

A. Indifference curves shift down

B. Budget line shifts down

C. Indifference curve shift up

D. Budget line pivots