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4

In dominant price leadership model, the small firms are like:

A. monopolistic firms

B. monopoly

C. competitive firms

D. none of the above

Correct Answer :

C. competitive firms


Related Questions

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4

The model which gives us information about price and output changes in different periods is:

A. Stable cobweb model

B. Perpetual oscillation

C. Both(a) and(b)

D. None of them

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4

Along an isoquant, output remains same, and capital labor ratio:

A. Is also same

B. Is different

C. Is constant

D. Is zero

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4

The demand curve slopes downwards due to:

A. Income effect(I.E)

B. Substitution effect(S.E)

C. Taste effect

D. Both a and b

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4

A monopoly producer usually earns:

A. Abnormal profits

B. Only normal profits

C. Neither profits nor losses

D. Profits and losses which are uncertain

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4

If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then the demand curve for the commodity will be:

A. Horizontal

B. Vertical

C. Positively sloped

D. Negatively sloped

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4

If the demand for good is more elastic and government levied a tax per unit of output, the price per unit for the firm would:

A. Rise by the amount of the tax

B. Rise by more than the amount of the tax

C. Rise by less than the amount of the tax

D. Remain the same

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4

The low cost price leader will charge:

A. higher prices

B. zero prices

C. lower prices

D. specific prices

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4

The cobweb model will divergent when the slope of:

A. Demand curve is more than supply curve

B. Supply curve is more than demand curve

C. Supply curve is equal to demand curve

D. None of the above

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4

In the case of two factor inputs which are neither perfectly complementary nor perfect substitutes, the iso-product curve will be:

A. A downward sloping straight line

B. A downward sloping curve

C. An upward rising curve

D. Right angled iso-quants

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4

Extension (expansion) and contraction of demand are result of:

A. Change in consumers income

B. Change in consumers tastes

C. Change in price

D. None of the above

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4

If the factors have to be employed in a fixed ratio, then the elasticity of substitution under Leontief technology is:

A. One

B. Zero

C. Two

D. Five

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4

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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4

If Cobb-Douglas production function is homogeneous of degree less than one (n<1), then it shows:

A. Constant returns to scale

B. Increasing returns to scale

C. Decreasing returns to scale

D. None of the above

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4

The external economies of scale experienced by a firm include the:

A. Growth of firms processing its waste materials

B. Development of research bureau serving the industry

C. Supply of suitable skilled labor in the area

D. All of the above

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4

The general form of Cobb-Douglas production function is:

A.

B.

C.

D.

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4

In dominant strategies I am doing the best, I can no matter:

A. What you do

B. What you are doing

C. What you not do

D. None of them

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4

The consumer is in equilibrium at the where:

A. Budget line and indifference curve intersect each other

B. Budget line and indifference curve are tangent to each other

C. Budget line and indifference curve are opposite to each other

D. Budget line and indifference curve are parallel to each other

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4

The MC curve cuts the AVC and ATC curves:

A. At different points

B. At the falling parts of each

C. At their respective minimums

D. At the rising parts of each

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4

While buying two goods X and Y with unequal prices, to maximize total utility from his income, a consumer should get:

A. Equal MU from both commodities X and Y

B. More MU from commodity X than from commodity Y

C. More MU from commodity Y than from commodity X

D. Equal marginal utility from the last rupee spent on commodity X and commodity Y

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4

The game theory concentrates on:

A. Gaming

B. Strategic decisions

C. Both a and b

D. None of the above

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4

A market-clearing price:

A. Is a disequilibrium price

B. Is an equilibrium price

C. Means a shortage exists as a market is cleared

D. Must be set by the government

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4

In Edgeworth model, prices oscillate between:

A. Firms and industry price

B. Monopoly and duopoly price

C. Competitive and monopoly price

D. None of the above

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4

Which one of the following is also known as Plant Curves:

A. Long-run average cost (LAC) curves

B. Short-run average cost (SAC) curves

C. Average variable cost (AVC) curves

D. Average total cost (ATC) curves

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4

Which of the following is the work of A.C.Pigou?

A. Economics of Welfare

B. Commerce and Trade

C. Industrial Economics

D. None of the above

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4

In perfect cartel, the:

A. Perfect competition price is charged

B. Monopoly price is charged

C. Monopoly price is not charged

D. None of the above

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4

The elasticity of substitution measures the percentage change in the ratio of inputs when any producer observes the percentage change in:

A. Output cost

B. Output ratio

C. Input prices

D. Input ratio

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4

Supply curves are most elastic:

A. In the long-run

B. In the short-run

C. For luxuries

D. In the immediate-run

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4

According to Robbins, economics is a:

A. Science of wealth

B. Science of national welfare

C. Science of optimality

D. Science of scarcity

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4

Which of the following theories of trade cycle was presented by William Jevons?

A. Sunspot Theory

B. Monetary Theory

C. Saving-Investment Theory

D. Innovation Theory

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4

A demand curve which is horizontal and parallel to x-axis represents:

A. Infinitely elastic demand

B. Infinitely inelastic demand

C. Relatively elastic demand

D. Relatively inelastic demand