Micro economics is concerned with:
Product markets
Factor markets
Supply and demand
a, b and c
Correct Answer :
D. a, b and c
Related Questions
The total revenue curve for monopolist is the shape of:
Circle
Rectangle
Parabola
None of the above
When total revenue (TR) falls in monopoly then elasticity of demand is:
E =1
E >1
E <1
E =0
Duopoly is a market where there are:
Two sellers
A few sellers
Five sellers
Many sellers
Compared to perfect competition, a monopolist will charge:
Charges a high price
Produce more output
Increase economic efficiency
None of the above
Who wrote Mathematical Analysis for Economists?
J.P.Lewis
R.G.D.Allen
Paul A.Samuelson
E.D.Domar
The real income of a consumer is income in terms of:
Goods
Goods and survices
Goods and survices it can purchased
Monetary units
In the case of an inferior good, the income effect:
Partially offsets the substitution effect
Reinforces the substitution effect
Is equal to the substitution effect
More than offsets the substitution effect
The concept of industry in monopolistic competition has been replaced by:
Firm
Product group
Producers
Shopkeepers
Given a U shaped average cost curve, the relationship between average cost and marginal cost is such that marginal cost must always be:
Falling when average cost is falling
Rising when average cost is falling
Falling when average cost is rising
Rising when average cost is rising
Short run cost curves are influenced by:
Principle of returns to scale
Law of variable proportions
External and internal economies and diseconomies
None of the above
In measuring price-elasticity:
Price is a dependent variable and quantity is an independent variable
Price is an independent variable and quantity is a dependent variable
Price and quantity both are independent variables
Price and quantity both are dependent variables
Firms average and marginal revenues are equal under:
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
The normal long-run average cost curve is influenced by the:
Principle of diminishing returns
Economies and diseconomies of large scale production
Principle of constant return to scale
All of the above
The number of sellers in oligopoly is:
Two
One
Very large
A few
The critics of Sweezy model say that kink generates:
Frustration
Poverty
Uncertainty
Integrity
If a ten percent increase in price causes a ten percent reduction in quantity demanded, elasticity of demand is:
Perfectly elastic
Elastic
Unitary elastic
Inelastic
Now-a-days in real life, we are unable to fined:
Monopoly
Perfect competition
Imperfect competition
Monopolistic competition
Some farm land can be used to produce either corn or soybeans. If the demand for corn increases then:
The demand for soybeans should increase
The supply of soybeans should increase
The demand for soybeans should decrease
The supply of soybeans should decrease
Some economists refer to iso-product curves as:
Engels curve
Production indifference curve
Budget line
Ridge line
Who is the author of Trade Cycle ?
R.Nurkse
R.C.Mathews
W.A.Lewis
K.N.Raj
The Hicksian demand curve includes:
Substitution effect
Income effect
Both substitution and income effect
None of them
A firms profit is equal to:
R-C
R>C
R
R=C
The necessary condition of firms equilibrium requires:
dR/dQ + dC/dQ = 0
dR/dQ - dC/dQ = 0
dC/dQ - dR/dQ = 0
dR/dQ > dC/dQ > 0
A significant property of the Cobb-Douglas production function is that the elasticity of substitution between inputs is:
Greater than one
Less than one
Zero
Equal to one
The slutsky demand curve includes:
Income effect
Price effect
Substitution effect
None of the above
Which is the correct statement?
The U shape of long-run cost curve is less pronounced than the short-run cost curves
The U shape of the short-run cost curves is less pronounced than the long-run cost curves
The U shape of the long-run cost curve is more pronounced than the short-run cost curves
The long-run cost curves are never U shaped
Increasing returns imply:
Constant average cost
Diminishing cost per unit of output
Optimum use of capital and factor
External economies
The number of firms in monopolistic competition normally range between:
14 to 28
14 to 80
14 to 38
14 to 60
By saying that monopolist create a contrived scarcity, economist mean that monopolist:
Restrict output to increase price
Produce where MC > P
Create a gap b/w quantity demanded and supplied
None of the above
The factors of production in perfect competition are:
Stagnant
Mobile
Immobile
Rare