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In joint-profit maximization cartel, central agency sets the:

A. Output

B. Input

C. Demand

D. Price

Correct Answer : D.


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  2. The number of firms in monopolistic competition normally range between:
  3. Variable cost includes the cost of:
  4. The firms in non-cooperative games:
  5. A good tends to have relatively inelastic demand, if:
  6. If the consumers expect that the price of computers will decrease in next year then:
  7. The main objective of the firm is to:
  8. An economic model describing the working of an economy consists of:
  9. The Cambridge School of Thought refers to the group of English economists who came under the influence…
  10. The cost of firms in cournot model are:
  11. The necessary condition of firms equilibrium requires:
  12. A firm enjoys maximum control over the price of its product under:
  13. Elasticity (E) expressed by the term, 1>E>0, is:
  14. When the demand curve is rectangular hyperbola, it represents:
  15. In a perfectly competitive market, suppliers must know:
  16. In monopolistic competition (also in kinked demand curve model), a firm sells the amount where:
  17. A producer attains the least cost combination when the relation between Marginal Rate of Technical Substitution…
  18. The advantage of using indifference curves rather than marginal utilities is:
  19. Inputs or Factors of production are defined as:
  20. In respect of which of the following category of goods is consumers surplus highest?
  21. The demand curve of ostentation goods (Veblen goods) will be:
  22. In the perfect competition, there is a process of:
  23. The income consumption curve (ICC) is the locus of points of consumer equilibrium resulting:
  24. If under perfect competition, in the short period, price does not cover the average cost completely,…
  25. 7.The costs which the firms have to face in order to change the price tags of their products and services…
  26. Increasing returns imply:
  27. Identify the author of The Principles of political Economy and Taxation:
  28. If the supply and demand increases equally, the price will:
  29. When a consumer reached at the point of saturation then marginal utility (MU) is:
  30. Price-taker firms: