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What is the correct answer?

4

Pure monopoly exists:

A. When there is a single producer

B. When there is a single producer without any close substitute

C. When there is a single producer with close substitutes

D. When a few producers control the industry

Correct Answer :

B. When there is a single producer without any close substitute


Related Questions

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4

The good will highest income elasticity is:

A. Beef

B. Mutton

C. Bread

D. Motion-picture tickets

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4

The expansion point is attained by joining:

A. Similar optimal combinations

B. Different optimal combinations

C. Both of them

D. None of them

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4

In a socialist (communist) economy the invisible hand:

A. Guides most resource allocation decisions

B. Operates effectively only in the labor market

C. Operates effectively only in the market for capital

D. Is prevented from operating effectively

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4

The firm in cournot model:

A. face costs

B. face taxes

C. donot face taxes

D. donot face costs

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4

If a commodity sold under monopoly is got free of cost, then MC will be:

A. Zero

B. Identical with the MR

C. A horizontal straight line

D. Infinite

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4

The long run total cost is attained by:

A. LMC.Q

B. AC.Q

C. LC.Q

D. LAC.Q

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4

Under monopolistic competition, in long-run there is:

A. Ban on exit

B. Ban on entry

C. Free entry

D. Free entry and exit

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4

When total revenue (TR) falls in monopoly then elasticity of demand is:

A. E =1

B. E >1

C. E <1

D. E =0

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4

The market demand for any commodity is the:

A. Average requirement for it in any given place

B. Amount of it wanted at any given price

C. Amount that people would like to buy during a period at different prices

D. Quantity needed to maintain a given standard of living

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4

The games which played by players again and again are called:

A. Repeated games

B. Cooperative games

C. Non-cooperative games

D. Constant games

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4

In case of monopoly, the slope of MR is:

A. Always three times than the slope of AR

B. Always double than the slope of AR

C. Always equal to the slope of AR

D. None of the above

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4

A fall in demand for the product under monopolistic competition will likely result in:

A. A fall in price

B. A decrease in the number of firms in the long-run

C. A decrease in the output of each firm

D. All of the above

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4

In the perfect competition, there is a process of:

A. Restricted entry and exit of the firms

B. Semi free exit but absolute free entry

C. Free entry but restricted exit of the firms

D. Free entry and free exit of the firms

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4

Which is the correct statement?

A. The U shape of long-run cost curve is less pronounced than the short-run cost curves

B. The U shape of the short-run cost curves is less pronounced than the long-run cost curves

C. The U shape of the long-run cost curve is more pronounced than the short-run cost curves

D. The long-run cost curves are never U shaped

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4

When SAC curve rises, SMC curve lies its:

A. Below

B. Above

C. Equal level

D. None of the above

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4

Economic laws are:

A. Conditional

B. Moral by nature

C. Predicted

D. Like laws of sports

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4

Under monopoly and imperfect competition MC is:

A. More than the price

B. Less than the price

C. Equal to the price

D. Less than or equal to the price

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4

If the marginal utility of apples to a consumer exceeds that of bananas then the consumer:

A. Is not in equilibrium

B. Will not buy any banana

C. Will buy some banana but less than he buys of apples

D. Is willing to pay more for apples than bananas

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4

When a competitive firm is in equilibrium in the long-run, its output is such that:

A. Costs per unit of output are lowest

B. Total profits are highest

C. Marginal cost is lowest

D. Profit per unit of output is zero

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4

At the shut-down point in perfect competition:

A. P = AVC

B. TR =TVC

C. The total losses of the firm equal TFC

D. All of the above

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4

In sweezy model (kinked demand curve model), the role of MC curve:

A. Can be ignored

B. Cannot be ignored

C. Partially be ignored

D. None of the above

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4

Under price discrimination, the buyers must:

A. Be similar

B. Not be similar

C. Equal

D. None of the above

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4

The Input-Output Analysis was originated by:

A. W.W. Leontief

B. E.D.Domar

C. R.G.D.Allen

D. J.M.Keynes

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4

Cournot equilibrium is attained where two reaction curves:

A. Repel each other

B. Represent each other

C. Intersect each other

D. None of the above

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4

Who is the author of the famous work Asian Drama: An Enquiry intro the Causes of Poverty of Nations?

A. Irving Fisher

B. J.B.Clark

C. J.M.Keynes

D. Gunnar Myrdal

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4

The production function can convey to a firm:

A. The cost of producing any given output

B. The various combinations of input that could be employed in production of any given quantity of output

C. The various combinations of input that should be used in producing any given quantity of output in an efficient manner

D. The maximum profit level of output

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4

The optimal strategy for a player is termed as:

A. Recessive strategy

B. Dormant strategy

C. Dominant strategy

D. Hidden strategy

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4

Who is the author of Trade Cycle ?

A. R.Nurkse

B. R.C.Mathews

C. W.A.Lewis

D. K.N.Raj

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4

Contracts made by firms in cooperative games are:

A. Biased

B. Binding

C. Not binding

D. Conditional

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4

In the case of complements, the cross demand curve slopes:

A. Downwards to the right

B. Upwards to the right

C. Backwards to the top

D. Inwards at the bottom