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4

In cournot model, firms face:

A. Negatively sloped demand curve

B. Positively sloped demand curve

C. Horizontal demand curve

D. Vertical demand curve

Correct Answer :

A. Negatively sloped demand curve


Related Questions

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4

Quantity demanded or supplied is measured in:

A. Monetary units

B. Physical units

C. Relative units

D. Constant units

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4

The greater the percentage of income spent on a commodity:

A. The greater its elasticity is likely to be

B. The weaker its elasticity is likely to be

C. The unchanged its elasticity is likely to be

D. None of the above

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4

When the demand curve is rectangular hyperbola, it represents:

A. Unitary elastic demand

B. Perfectly elastic demand

C. Perfectly inelastic demand

D. Relatively elastic demand

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4

Increasing returns imply:

A. Constant average cost

B. Diminishing cost per unit of output

C. Optimum use of capital and factor

D. External economies

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4

Labor Saving Technological Progress can be defined as:

A. Technological progress that causes to raise the marginal product of capital and labor in the same proportion

B. Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor

C. Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital

D. None of the above

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4

The demand of the necessities is:

A. More elastic

B. Less elastic

C. Unit elastic

D. Zero elastic

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4

Under pure monopoly, there will be:

A. No distinction between firm and industry

B. One firm and no industry

C. No firm and no industry

D. None of the above

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4

In first degree price discrimination, monopolist takes away :

A. All of the consumer surplus

B. All of the producer surplus

C. Some part of the consumer surplus

D. None of them

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4

The Law of Proportionality is another name of:

A. The law of diminishing marginal utility

B. The law of demand

C. The Law of Diminishing Returns

D. The law of supply

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4

Elasticity (E) expressed by the term, 1>E>0, is:

A. Perfectly elastic

B. Relatively elastic

C. Unitary elastic

D. Relatively inelastic

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4

In monopolistic competition (also in kinked demand curve model), a firm sells the amount where:

A. Individual demand curve (IDC) is equal to proportional demand curve (PDC)

B. Individual demand curve (IDC) is greater than proportional demand curve (PDC)

C. Individual demand curve (IDC) is less than proportional demand curve (PDC)

D. None of the above

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4

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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4

In perfect competition, the slope of the total revenue curve of a firm is equal to the:

A. Market price

B. AVC

C. TFC

D. AFC

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4

The study of economic theory for the sake of certain objective is called:

A. Positive Economics

B. Normative Economics

C. Micro Economics

D. Development Economics

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4

The cross-price elasticity of the demand for orange juice with respect to the price of apple juice is probably:

A. Negative

B. Positive

C. Near infinite

D. Zero

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4

The difference between average cost and average revenue is:

A. Total profit

B. Average profit

C. Net profit

D. Marginal profit

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4

Duopoly is a market where there are:

A. Two sellers

B. A few sellers

C. Five sellers

D. Many sellers

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4

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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4

In the theory of firm, Chamberline presented the idea of:

A. Rising cost

B. Falling cost

C. Rising input

D. Falling input

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4

The elasticity of demand is equal to slope of demand function divided by:

A. Average demand function

B. Qualified demand function

C. Constructive demand function

D. Relative demand function

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4

If a consumer buys a product that costs Rs.3 and provides an additional 18 units of satisfaction, then for this purchase:

A. Total utility will increase by 6 units

B. The marginal utility per rupee is 6

C. The consumer will buy more because marginal utility is positive

D. The consumer obtained an extra54 units

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4

The optimal strategy for a player is termed as:

A. Recessive strategy

B. Dormant strategy

C. Dominant strategy

D. Hidden strategy

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4

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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4

If cross-elasticity of one commodity for another turns out to be zero, it means they are:

A. Close substitutes

B. Good complements

C. Completely unrelated (independent goods)

D. None of the above

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4

If the slope of the isoquant is equal to the slope of isocost, then isoquant is:

A. Concave to the origin

B. Convex to the origin

C. Tangent to the origin

D. None of the above

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4

The demand for cigarettes is price inelastic implying a unit tax on this commodity will

A. Will mainly paid by sellers of the product

B. By mainly paid by cigarette smokers

C. Be mainly paid by tobacco growers

D. None of the above

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4

Given a U shaped average cost curve, the relationship between average cost and marginal cost is such that marginal cost must always be:

A. Falling when average cost is falling

B. Rising when average cost is falling

C. Falling when average cost is rising

D. Rising when average cost is rising

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4

Utility is:

A. A subjective concept

B. An ethical concept

C. An objective concept

D. A historical concept

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4

Discriminating monopoly implies that the monopolist charges different prices for his commodity:

A. From different groups of consumers

B. For different uses

C. At different places

D. Any of the above

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4

Supply and demand changes have their most rapid impact in:

A. Auction market

B. Contract markets

C. Market for commercial office space

D. Natural gas market