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4

The firms in non-cooperative games:

A. Enforce contracts

B. Make contracts

C. Make negotiations

D. Do not make negotiations

Correct Answer :

D. Do not make negotiations


Non-cooperative Games? A noncooperative game is one in which players make decisions independently. In this type of game, the players do not make negotiations or binding commitments. The most famous example of noncooperative games is Nash Equilibrium.}

Related Questions

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4

Indifference curve represents:

A. Only two commodities

B. Only three commodities

C. More than three commodities

D. Any number of commodities

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4

In Revealed Preference Theory, a consumer reveals preference for bundle of:

A. Two goods

B. A few goods

C. One good

D. Many goods

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4

In monopolistic competition, the cost curves of all firms are:

A. Uniform

B. Different

C. Dependent

D. Independent

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4

A budget line shows:

A. Quantities of commodity X which a consumer could buy with no amount of Y

B. Quantities of commodity Y which a consumer could buy with no amount of X

C. The different combinations of X and Y that the consumer could buy

D. All of the above

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4

In monopolistic competition, the aim of the firm is to:

A. Maximize output

B. Minimize output

C. Minimize cost

D. Maximize profit

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4

Who wrote A Contribution to the Theory of Trade Cycle?

A. N.Kaldor

B. J.R.Hicks

C. A.C.Pigou

D. J.M.Keynes

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4

The shape of the TC curve is:

A. U

B. V

C. P

D. S(inverted)

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4

Stable cobweb model is a:

A. Simple model

B. Dynamic model

C. Both of them

D. None of them

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4

When the consumer is in equilibrium not only his income is fully spent, but the ratio of marginal utility and price is:

A. Increased

B. Equalized

C. Prominent

D. Zero

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4

Ceteris paribus clause in the law of demand means:

A. The price of substitute does not change

B. The taste of the consumer does not change

C. The income of the consumer does not change

D. All of the above

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4

The factors of production in perfect competition are:

A. Stagnant

B. Mobile

C. Immobile

D. Rare

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4

In perfect cartel, the:

A. Perfect competition price is charged

B. Monopoly price is charged

C. Monopoly price is not charged

D. None of the above

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4

In the modern theory of costs, the level of production which the firm considers feasible is known as:

A. Input factor

B. Heavy factor

C. Output factor

D. Load factor

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4

The non-price competition cartel is a:

A. stable cartel

B. unstable cartel

C. prominent cartel

D. special cartel

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4

The price under perfect competition is settled by:

A. Producers

B. Sellers

C. Buyers

D. Sellers and buyers

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4

The largest possible loss that a firm will make in the short run is:

A. Zero

B. Its total fixed cost

C. Its total variable cost

D. Equal to one

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4

Price elasticity of demand can be measured in the following way:

A. Percentage change in quantity demanded of a commodity divided by percentage change in price of that commodity

B. Change in quantity demanded of a commodity divided by change in price of that commodity

C. Percentage change in price of a commodity divided by percentage change in quantity demanded of that commodity

D. None of that commodity

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4

An effective price ceiling usually results in:

A. Excess demand

B. Qd > Qs

C. Shortage of supply

D. All of the above

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4

The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:

A. It gets more expensive

B. A household consumes more of it

C. Preference changes

D. A households income goes up

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4

Capital Saving Technological Progress can be defined as:

A. Technological progress that causes to raise the marginal product of capital and labor in the same proportion

B. Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor

C. Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital

D. None of the above

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4

When total product increases at a decreasing rate:

A. MP = AP

B. MP < AP

C. MP > AP =0

D. MP > AP

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4

The Purchasing Power Parity (PPP) Theory is presented by:

A. J.M.Keynes

B. E.D.Domar

C. Adam Smith

D. Gustav Cassel

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4

In the short-run, the competitive firm can maximize its profits (or minimize its losses) by:

A. Equating price and marginal revenue

B. Equating price and average total cost

C. Increasing marginal cost and lowering fixed costs

D. Equating marginal cost and marginal revenue

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4

In collusive olligopoly, the firms may make:

A. Open agreements

B. Secret agreements

C. Both a and b

D. None of the above

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4

If by doubling all inputs in the long run output is less than double, it is a case of:

A. Increasing returns to scale

B. Decreasing returns to scale

C. Constant returns to scale

D. Variable returns to scale

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4

The water diamond paradox was firstly resolved with the help of:

A. Labor theory of value

B. Individual theory of value

C. Producer theory of value

D. Consumer theory of value

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4

Under perfect competition, the average revenue, marginal revenue and price are shown:

A. By a same single curve

B. By three different curves

C. By downward sloping curve

D. None of the above

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4

If the production increases under decreasing returns to scale, the cost will:

A. Increase at decreasing rate

B. Increase at constant rate

C. Decrease at increasing rate

D. Increase at increasing rate

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4

While buying two goods X and Y with unequal prices, to maximize total utility from his income, a consumer should get:

A. Equal MU from both commodities X and Y

B. More MU from commodity X than from commodity Y

C. More MU from commodity Y than from commodity X

D. Equal marginal utility from the last rupee spent on commodity X and commodity Y

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4

The relationship between price effect, income effect and substitution effect is:

A. P.E = S.E + I.E

B. S.E = P.E +I.E

C. I.E = P.E +S.E

D. S.E = P.E +2I.E