In joint-profit maximization cartel, the distribution of profit is:
Made by agency
Not made by agency
Made by people
None of the above
Correct Answer :
A. Made by agency
Related Questions
The number of sellers in oligopoly is:
Two
One
Very large
A few
According to Chamberline, in monopolistic competition, differentiation is determined by:
Choices
Preferences
Both a and b
None of the above
Consumers Surplus can also be defined as:
Extra price benefits
Shortage of quantity
Surplus of quantity
Difference between actual price and potential price
Which of the following statement is wrong?
A utility function refers to a particular individual and reflects the tastes of that individual
When the tastes of an individual changes, his utility function changes(shifts)
Different individuals usually have different tastes and thus have different utility functions
Different individuals have same tastes and thus have the same utility function
Moving down along a linear demand curve:
Demand becomes less elastic
Elasticity does not change
Demand has unitary elasticity
Demand becomes more elastic
The equilibrium conditions, MC = MR = AR = AC, will happen:
In the short-run under perfect competition
In the long-run under perfect competition
In the short-run under monopolistic competition
In the long-run under monopolistic competition
Rational economic behavior on the part of the consumer means that he will:
Save as much of his income as possible
Spend as much of his income as possible
Buy everything at the lowest possible price
Make wise choices among available economic goods
The slutsky demand curve includes:
Income effect
Price effect
Substitution effect
None of the above
Microeconomics is also known as:
Price theory
Demand theory
Supply theory
Income theory
Who introduced the concept of Elasticity of Demand into economic theory?
Alfred Marshal
Adam Smith
Karl Marx
George Stigler
The greater the percentage of income spent on a commodity:
The greater its elasticity is likely to be
The weaker its elasticity is likely to be
The unchanged its elasticity is likely to be
None of the above
Plumbing and pipe-fitting require many of the same skills. If the wage paid to pipe-fitters increased then the effect on the market for plumbers would probably be:
An increase in demand
A decrease in demand
An increase in supply
A decrease in supply
The spending of money by the producer to influence consumers is an example of:
Derived demand
Joint demand
Demand creation
Compressed demand
If in the long run, output increases in the same proportion as increase in all the input in the given proportion, this is known as:
Increasing returns to scale
Decreasing returns to scale
Constant returns to scale
Variable returns to scale
All of the following curves are U-Shaped except:
The AVC curve
The AFC curve
The AC curve
The MC curve
If Marginal Utility (MU) is zero, then total utility is:
Maximum
Minimum
Infinite
Not measureable
Under perfect competition, the average revenue, marginal revenue and price are shown:
By a same single curve
By three different curves
By downward sloping curve
None of the above
In Edgeworth model, prices oscillate between:
Firms and industry price
Monopoly and duopoly price
Competitive and monopoly price
None of the above
If the prices of goods rise then:
The real income of consumer falls
The real income of consumer rises
The real income of a consumer remains constant
The real income of consumer becomes zero
The Law of Diminishing Marginal Returns can be explained in terms of:
Economies and diseconomies of production
Indivisibility of factors
Fixity of supply of land
Variable factor productivity
A high value of cross-elasticity indicates that the two commodities are:
Very good substitutes
Poor substitutes
Good complements
Poor complements
Theory of revealed preference is based on:
Weak orderings
Neutral orderings
Partial orderings
Strong orderings
Excess capacity is concerned with the:
V-shaped traditional cost curves
S-shaped traditional cost curves
Modern cost curves
U-shaped traditional cost curves
The proportional demand curve in monopolistic competition (also in kinked demand curve model), is like industry demand curve in:
Monopolistic competition
Imperfect competition
Monopoly
Perfect competition
Supply curves are most elastic:
In the long-run
In the short-run
For luxuries
In the immediate-run
Government planners play a central role in allocating resources:
Only under socialism(communism)
Only under capitalism
Under both (a) and (b)
None of the above
The general form of Cobb-Douglas production function is:
Price mechanism has also given the name:
Labor theory
Production theory
Laisseze-faire
None of the above
An indifferent curve shows:
That how many utils are obtained from consuming different bundles of commodities
Different collections of two commodities the consumer considers to be of equal value
That if price increases there will be an increases in demand
None of the above
The minimization of costs subject to output requires equilibrium at the lowest:
Isoquant line
Isocost line
Indifference curve
Price line