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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.


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  2. Indifference curve represents:
  3. Classical production function is:
  4. If a straight line supply curve passes through the point of origin O, the elasticity of supply is:
  5. The firm is at equilibrium where:
  6. Cross-elasticity of demand or cross-price elasticity between two perfect complements will be:
  7. If the commodity is inferior then the increase in income of the consumer results in:
  8. Technological Progress (Invention) can be defined as:
  9. Which of the following is assumed to be constant when a supply curve is drawn:
  10. Who introduced the concept of Elasticity of Demand into economic theory?
  11. In cournot model firms:
  12. There is no difference between fixed and variable factors in the:
  13. Marginal cost is found with the help of changes in:
  14. Economic laws are:
  15. The slope of an iso-quant represents:
  16. The equilibrium conditions, MC = MR = AR = AC, will happen:
  17. In market sharing cartel model, cartel determines the shares of:
  18. In centralized cartel, the firms are like:
  19. Price mechanism has also given the name:
  20. In cournot model, during the process of adjustment, the number of firms:
  21. The Law of Equi-Marginal Utility states:
  22. The MRTS along an iso-quant goes on to:
  23. In the case of a normal goods, the income effect:
  24. Which of the following pairs of commodities is an example of substitutes?
  25. Which of the following is not characteristic of perfect competition?
  26. In Bertrand model, the entry of new firms is:
  27. Under price discrimination, the buyers must:
  28. A monopolist is:
  29. The engineering production function and engineering costs curves are concerned with the:
  30. To get more revenue, a Finance Minister impose tax on that commodity which has: