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In monopoly and perfect competition, TC curves are:

A. Different

B. Similar

C. Opposite

D. None of the above

Correct Answer : B.


The cost curve of the monopolist will be of the usual shape as under perfect competition. But MR and AR curves under monopoly are downward sloping while under perfect competition they are perfectly elastic and horizontal to x-axis.}

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  3. Utility is:
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  6. When the law of demand operates the demand curve:
  7. In the theory of firm, Chamberline presented the idea of:
  8. With an increase in income, consumer is expected to buy more of:
  9. In the long run average costs curve, a firm can change:
  10. In Revealed Preference Theory, a consumer reveals preference for bundle of:
  11. When sales tax is imposed on monopolist, its:
  12. Under the law of variable proportions, the average and the marginal product of the variable factor would…
  13. In microeconomics, we study:
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  15. The concept of industry in monopolistic competition has been replaced by:
  16. Law of Returns to Scale shows:
  17. An inferior good/ commodity is inferior for:
  18. In dominant strategies I am doing the best, I can no matter:
  19. An indifferent curve shows:
  20. Price-taker firms:
  21. In non-collusive oligopoly firms enter into:
  22. If a straight line supply curve makes an intercept on the Y-axis, elasticity of supply is:
  23. The equilibrium conditions, MC = MR = AR = AC, will happen:
  24. Price discrimination is undertaken with the aim of:
  25. Law of Substitution in production was presented by:
  26. The Lambda or Langrange Multiplier is a:
  27. The behavior of MC curve is determined by the behavior of the:
  28. Other things remaining the same, when a consumers income increases his equilibrium point moves to:
  29. If the price of Pepsi Cola goes down, you would predict:
  30. If two goods have same marginal utility for a consumer then: