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The equilibrium conditions, MC = MR = AR = AC, will happen:

A. In the short-run under perfect competition

B. In the long-run under perfect competition

C. In the short-run under monopolistic competition

D. In the long-run under monopolistic competition

Correct Answer : B.


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  2. A decrease in demand lowers the price the most:
  3. Which of the following is not a feature of isoproduct curves?
  4. Labor theory was firstly rejected by:
  5. In perfect cartel, the:
  6. Variable costs refer to:
  7. With an increase in income, consumer is expected to buy more of:
  8. According to classical approach, utility can be:
  9. Which one of the following has been the most influential work of F.H.Knight?
  10. If the commodity is normal then price effect is:
  11. Marginal Utility (MU) curve is always:
  12. The main contribution of Malthus is in the field of:
  13. The longer the period of time, the elasticity of supply will be:
  14. When price decreases and with it the total outlay on a commodity also decreases, it is a case of:
  15. If demand increased and supply decreased then:
  16. The cobweb model will divergent when the slope of:
  17. The total utility is gained by consuming:
  18. If X and Y are close substitutes, a rise in the price of X will lead to:
  19. The number of firms in monopolistic competition normally range between:
  20. In Edgeworth model, prices oscillate between:
  21. In the case of a normal goods, the income effect:
  22. Variable cost includes the cost of:
  23. The short-run supply curve of the perfectly competitive firm is given by:
  24. Who developed the concept of Representative Firm?
  25. Which of the following pairs of commodities is an example of substitutes?
  26. The number of sellers in duopoly is:
  27. Who is the author of Choice of Technique?
  28. In microeconomics, we study:
  29. The utility function u = f(x) is based upon :
  30. In the theory of firm, Chamberline presented the idea of: