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In monopolistic competition, the firm compete on the basis of:

A. Price

B. Entry

C. Both a and b

D. None of the above

Correct Answer : C.


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  8. Firms average and marginal revenues are equal under:
  9. The game theory takes into consideration:
  10. Formulation of an economic theory involves:
  11. In monopoly, the relationship between average revenue and marginal revenue curves is as follows:
  12. If a monopolist is producing under decreasing cost conditions, increase in demand is beneficial to the…
  13. The number of firms in monopolistic competition normally range between:
  14. In first degree price discrimination, monopolist takes away :
  15. Change in demand refers to:
  16. Classical production function is:
  17. Which of the following curves is a rectangular hyperbola?
  18. If the price of a product falls which of the following would occur?
  19. Marginal cost curve cuts the average cost curve:
  20. Efficient allocation of resources is achieved to a greater extent under:
  21. In modern theory of costs, a firm normally utilizes:
  22. If a straight line supply curve makes an intercept on the Y-axis, elasticity of supply is:
  23. To calculate the Economic Profit we must deduct which of the following cost from our total revenues?
  24. Microeconomics is also known as:
  25. Discriminating monopoly implies that the monopolist charges different prices for his commodity:
  26. The firm in cournot model:
  27. Consumers are likely to get a variety of similar goods under:
  28. On a straight line demand curve, elasticity of demand at the midpoint is:
  29. Income effect operates through an increase
  30. In a socialist (communist) economy the invisible hand: