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Perfect competition implies:

A. Differentiated goods

B. Homogeneous goods

C. Advertised goods

D. Distress sale of goods

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  1. The study of economics just in theoretical way is called:
  2. If Cobb-Douglas production function is homogeneous of degree less than one (n
  3. In which case the elasticity shown by the different points of a curve is the same?
  4. The demand of the necessities is:
  5. Which of the following is not an explicit cost of production?
  6. The study of economic theory for the sake of certain objective is called:
  7. In the case of substitutes, the cross demand curve slopes
  8. The isoquant approach is:
  9. All of the following are capital resources except:
  10. The optimal strategy for a player is termed as:
  11. When at a given price, the quantity supplied of a commodity is more than the quantity demanded, there…
  12. Moving along an indifference curve leaves the consumer:
  13. A budget line shows:
  14. If a straight line supply curve passes through the point of origin O, the elasticity of supply is:
  15. Price elasticity of demand can be measured in the following way:
  16. In the perfect competition, there is a process of:
  17. In the short-run, in which one of the following situations would a competitive seller close down (shut-down)?
  18. If the marginal utility of apples to a consumer exceeds that of bananas then the consumer:
  19. Which of the following formula determine the income elasticity of demand?:
  20. Conditions of perfect competition ensure:
  21. On an indifference map higher indifference curves show:
  22. If the increase in demand is more than the increase in supply, the price will:
  23. The cobweb model will convergent when the slope of:
  24. If Cobb-Douglas production function is homogeneous of degree greater than one (n>1), then it shows:
  25. In price leadership, like leader, the follower firm may:
  26. Firms average and marginal revenues are equal under:
  27. The elliptical isoquant represents the:
  28. In an indifference curve diagram, when the price of a product increases, the decline in quantity demanded…
  29. Of the following, which one corresponds to fixed cost?
  30. The maximization of output subject to cost requires equilibrium at the: