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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.


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  2. In the short-run, in which one of the following situations would a competitive seller close down (shut-down)?
  3. The Cambridge School of Thought refers to the group of English economists who came under the influence…
  4. Gold is bought and sold in a:
  5. In monopolistic competition, the real differentiation in products is due to difference in:
  6. Technological efficiency:
  7. The main objective of the firm is to:
  8. In short-run, in monopolistic competition, a firm earns:
  9. When elasticity of demand is less than one (e
  10. The isoquant which are generated by CES (constant elasticity of substitution) production function are…
  11. Liquidity of Preference Theory was introduced by:
  12. When a consumer is satisfied with his spending pattern, he is said to be in:
  13. Cartel is associated with:
  14. The relationship between AC and MC curves depend upon the behavior of:
  15. According to Chamberline, in monopolistic competition, differentiation is determined by:
  16. The ordinal approach was presented by:
  17. The budget constraint equation of the firm is:
  18. Marginal utility (MU) always:
  19. Inputs or Factors of production are defined as:
  20. The average cost curve is a geometrical illustration of:
  21. When the level of optimal factor combination is over and more labor is employed with the fixed plant,…
  22. When the law of demand operates the demand curve:
  23. Any expansion in output by a firm in the short period will always reduce the:
  24. The relationship between MC and MP shown by the marginal cost concept is:
  25. The games which played by players again and again are called:
  26. Which of the following is called Gossens first law?
  27. The total revenue curve for monopolist is the shape of:
  28. In cournot model, firms make decisions separately regarding:
  29. The consumer is in equilibrium at the where:
  30. In case of monopoly, the price charged against the additional unit is: