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Most of the supply curves with which the average consumer deals are:

A. Vertical

B. Horizontal

C. Controlled by the largest producers

D. Unaffected by inflation

Correct Answer : B.


Since consumers can usually purchase all they want at given prices, the supply curve with which the individual deals is perfectly elastic.}

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  1. The feasible part of the demand curve for the monopolist who is charging high price will be:
  2. With which of the following concepts is the name of J.M.Keynes particularly associated?
  3. A firm considering what type of new plant to build is involved in a:
  4. At the shut-down point in perfect competition:
  5. Because of selling costs, the demand curve of a firm shifts:
  6. The cost curves of the firm shift due to changes in:
  7. In Revealed Preference Theory, Samuelson proves P.E = S.E + I.E :
  8. Of the following, which one is a characteristic of monopolistic competition?
  9. Government planners play a central role in allocating resources:
  10. Total variable costs in equation form are:
  11. Of the following, which one corresponds to fixed cost?
  12. Cartel is associated with:
  13. Extension (expansion) of demand means:
  14. In the long-run competitive equilibrium:
  15. A firm enjoys maximum control over the price of its product under:
  16. When with a change in price the total outlay (expenditures) on a commodity remains constant, it is a…
  17. A good tends to have relatively inelastic demand, if:
  18. The spending of money by the producer to influence consumers is an example of:
  19. According to marginalistic rule, the profit maximization hypothesis requires:
  20. In cournot model, firms make decisions separately regarding:
  21. Indifference curves are downward sloping and are drawn bowed toward the origin (convex to the origin)…
  22. At final equilibrium in cournot model, each firm sells:
  23. The equilibrium of a firm is determined by the equality of MC and MR in only:
  24. The necessary condition of firms equilibrium requires:
  25. When the law of demand operates the demand curve:
  26. In monopolistic competition, the firms follow:
  27. When in a market, the number of buyers is very large and the number of sellers is very small, it is…
  28. When the slope of a demand curve is zero (also known as vertical demand curve) then elasticity will…
  29. The coefficient of the price elasticity of demand is computed as the absolute value of the percentage…
  30. If a commodity sold under monopoly is got free of cost, then MC will be: