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In cournot model, each firm makes decision regarding:

A. Price

B. Output

C. Cost

D. Advertisement

Correct Answer : B.


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  1. Which of the following is an implicit cost of production?
  2. The income effect means that consumer purchase more when:
  3. Because of selling costs, the demand curve of a firm shifts:
  4. According to Marginalists, the price of any commodity is determined by:
  5. Which one of the following has been the most influential work of F.H.Knight?
  6. If Cobb-Douglas production function is homogeneous of degree greater than one (n>1), then it shows:
  7. Perfect competition assumes:
  8. Abstinence or Waiting theory of Interest was presented by:
  9. Kinked Demand Curve is consistent with which one of the following market situations?
  10. In monopolistic competition, the firm compete on the basis of:
  11. In centralized cartel, the firms are like:
  12. Microeconomics deals with the:
  13. Excess capacity is not found under:
  14. Under which of the following forms of the market structure does a firm have no control over the price…
  15. If a firm is producing output at a point where diminishing returns have set in, this means that:
  16. In an indifference curve diagram, when the price of a product increases, the decline in quantity demanded…
  17. Under monopoly and imperfect competition MC is:
  18. Total profits are maximized at the point where:
  19. Who finalized the model of monopolistic competition?
  20. If production increases under increasing returns to scale, the cost will:
  21. The reaction curve of a firm is attained by joining the:
  22. The number of sellers in duopoly is:
  23. From the resource allocation view point, perfect competition is preferable because:
  24. The right of individuals to control productive resources is known as:
  25. If the commodity is inferior then the Income Effect (I.E) and the Substitution Effect (S.E):
  26. The main contribution of David Ricardo is in the field of:
  27. The production techniques are technically efficient:
  28. An indifferent curve shows:
  29. In Recardian theory of value, the stress has been made on:
  30. The Cambridge School of Thought refers to the group of English economists who came under the influence…