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Monopoly means:

A. Where there is no retail trade and every thing is sold on wholesale basis

B. Where trading of a particular commodity is controlled exclusively by one firm

C. Where many people sell only one commodity

D. A form of business organization in which only single proprietorship exists

Correct Answer : B.


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  1. With firms having cost differences under perfect competition, a firm, which earns normal profit in the…
  2. Total variable cost curve:
  3. The cost curves of the firm shift due to changes in:
  4. The short-run periods in monopolistic competition are:
  5. The longer the period of time, the elasticity of supply will be:
  6. The number of firms in monopolistic competition normally range between:
  7. In Recardian theory of value, the stress has been made on:
  8. Normally when price per unit of time falls:
  9. Of the following, which one corresponds to fixed cost?
  10. A price is a ratio of exchange between:
  11. If a consumer buys a product that costs Rs.3 and provides an additional 18 units of satisfaction, then…
  12. 4.The Law of Diminishing Returns according to the modern view, applies to:
  13. An indifference curve slopes down towards right since more of one commodity and less of another result…
  14. When AC curve falls, MC curve falls:
  15. Under conditions of perfect competition, price in the long-run is equal to:
  16. When total revenue (TR) falls in monopoly then elasticity of demand is:
  17. In sweezy model (kinked demand curve model), the overall increase in costs of production:
  18. Utility is:
  19. If production increases under constant returns to scale, the cost will:
  20. If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity…
  21. We can obtain consumers demand curve from:
  22. Moving down along a linear demand curve:
  23. Indifference curves reflect:
  24. Cross-demand curve shows:
  25. In general, most of the production functions measure:
  26. The optimal strategy for a player is termed as:
  27. Which of the following is not an explicit cost of production?
  28. In economics, Externality means:
  29. To calculate the Economic Profit we must deduct which of the following cost from our total revenues?
  30. The cost that a firm incurs in purchasing or hiring any factor of production is referred to as: