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In monopoly:

A. The producer will often produce a volume that is less than the amount which would maximize the social welfare.

B. The producer will often produce a volume that is more than the amount which would maximize the social welfare.

C. The consumers will often consume a volume that is more than the amount which would maximize the social welfare.

D. None of the above

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  1. Any straight line supply which cuts the x-axis will have:
  2. The amount of income left over for a consumer in equilibrium is :
  3. The long run average cost curve is:
  4. The budget constraint equation of the firm is:
  5. An optimum level of a firms output is:
  6. Price discrimination is possible:
  7. If the price of a product falls which of the following would occur?
  8. The goods sold by firms under monopolistic competition are technological as well as:
  9. Identify the author of The Principles of political Economy and Taxation:
  10. The general markets results from the imposition of price ceilings has been:
  11. If X and Y are close substitutes, a fall in price of X will lead to:
  12. Inputs or Factors of production are defined as:
  13. The firm producing at the minimum point of the AC curve is said to be:
  14. 7.In an economy based on the price system the decision on what shall be produced is made by:
  15. Theory of revealed preference is based on:
  16. Which of the following is not a feature of isoproduct curves?
  17. The slope of an iso-quant represents:
  18. 4.The Law of Diminishing Returns according to the modern view, applies to:
  19. Elasticity (E) expressed by the term, 1>E>0, is:
  20. Normal profits are considered as:
  21. If under perfect competition, in the short period, price does not cover the average cost completely,…
  22. There is no difference between fixed and variable factors in the:
  23. Demand for a commodity is elastic when it has
  24. Cross-elasticity of demand or cross-price elasticity between two perfect substitutes will be:
  25. The Law of Equi-Marginal Utility refers to:
  26. We can write ordinal utility function as:
  27. When total revenues equal to total opportunity cost then the firm will earn:
  28. In Edgeworth model, price remains:
  29. The kink demand curve faced by an oligopolist is based on the assumption that:
  30. The Prisoners Dilemma was presented by A.W.Tucker in: