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4

The game theory concentrates on:

A. Gaming

B. Strategic decisions

C. Both a and b

D. None of the above

Correct Answer :

C. Both a and b


Related Questions

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The demand curve of a firm in monopolistic competition is:

A. Negatively sloped

B. Vertical

C. Horizontal

D. Positively sloped

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On all points of budget (price) line:

A. Total expenditures increases

B. Total expenditures decreases

C. Total expenditures are zero

D. Total expenditures remain same

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4

In price leadership, like leader, the follower firm may:

A. also maximize its profits

B. not maximize its profits

C. maximize its costs

D. none of the above

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4

Gold is bought and sold in a:

A. Perfectly competitive international market

B. Perfectly competitive national market

C. Imperfect international market

D. Imperfect national market

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4

According to classical approach, utility can be:

A. Ranked

B. Consumed

C. Expressed in numbers

D. Cannot be expressed in numbers

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4

Entry of new firms into a competitive market will shift the supply curve of the:

A. Firm to the left

B. Industry to the right

C. Firm to the right

D. Industry to the left

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4

Price elasticity of demand is best defines as:

A. Change in the tastes of consumers at different prices

B. The rate of response of demand to a change in supply

C. The change in costs when output is increased by one unit

D. The responsiveness of demand to a change in price

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4

If two goods are perfect substitutes then IC will be:

A. Concave to the origin

B. Convex to the origin

C. Positively sloped

D. Negatively sloped

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4

By saying that monopolist create a contrived scarcity, economist mean that monopolist:

A. Restrict output to increase price

B. Produce where MC > P

C. Create a gap b/w quantity demanded and supplied

D. None of the above

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4

Which one of the following has been the most influential work of F.H.Knight?

A. Freedom and Reform

B. The Green Revolution

C. Economic Integration

D. Risk ,Uncertainty and Profit

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The kinked demand curve comes into being where:

A. Proportional demand curve (PDC) and individual demand curve (IDC) intersect each other

B. Proportional demand curve (PDC) and individual demand curve (IDC) are parallel to each other

C. Proportional demand curve (PDC) and individual demand curve (IDC) repel each other

D. None of the above

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4

The arc elasticity is the measure of average elasticity at the mid-point of the chord and connects:

A. Two points on demand curve

B. Two points on supply curve

C. Many points on demand curve

D. Many points on demand curve

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4

All of the following are capital resources except:

A. Warehouses

B. Buildings

C. Dams

D. Share of stock

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Of the following, which one corresponds to fixed cost?

A. Payments for raw materials

B. Labor cost

C. Transportation charges

D. Insurance premium on property

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The elasticity of substitution measures the percentage change in the ratio of inputs when any producer observes the percentage change in:

A. Output cost

B. Output ratio

C. Input prices

D. Input ratio

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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

At a point below the middle of a straight line demand curve, elasticity of demand is:

A. Less than one

B. Equal to one

C. More than one

D. Equal to infinity

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4

Total profits are maximized at the point where:

A. TR equals TC

B. The TR curve and the TC curve intersect such that TR and TC lie at the same point

C. The TR curve and the TC curve are parallel and TC exceeds TR

D. The TR curve and the TC curve are parallel and TR exceeds TC

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4

The marshallian demand curve includes:

A. Substitution Effect

B. Income Effect

C. Both substitution and income effect

D. None of them

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4

When total revenue is maximum in monopoly, elasticity of demand is:

A. E =1

B. E >1

C. E <1

D. E =0

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4

A monopolist is:

A. Price winner

B. Price searcher

C. Price taker

D. Price leaver

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4

Marginal utility is only meant for:

A. Half utility

B. Full utility

C. Additional utility

D. Multiplied utility

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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

Total costs in the short-term (short-run) are classified into fixed costs and variable costs. Which one of the following is a variable cost?

A. Cost of raw materials

B. Cost of equipment

C. Interest payment on past borrowing

D. Payment of rent on buildings

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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

Indifference curves are downward sloping and are drawn bowed toward the origin (convex to the origin) implying:

A. Consumers prefer to have less satisfaction than more of both commodities

B. As more and more of one commodity is obtained, less and less of the other must be given up to keep satisfaction constant

C. The total satisfaction obtained along an indifference curve decreases at an increasing rate

D. None of the above

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Moving along the indifference curve leaves the consumer:

A. Better off

B. Worse off

C. In equilibrium

D. Neither better off nor Worse off

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With firms having cost differences under perfect competition, a firm, which earns normal profit in the long-run is called:

A. An optimum firm

B. A representative firm

C. An oxford firm

D. A marginal firm

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Used cars are sold in:

A. Perfectly competitive international market

B. Perfectly competitive national market

C. Imperfect international market

D. Imperfect local market

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Utility is:

A. A subjective concept

B. An ethical concept

C. An objective concept

D. A historical concept