The imaginary differentiation is attributed to difference in:
Style
Salesmanship
Locality
All of these
Correct Answer :
D. All of these
Related Questions
Scarcity is:
A relative term
An economic term
A dynamic term
As a whole term
If the demand curve is horizontal then its slope is:
Infinite
Zero
Equal to one
None of the above
If the factors have to be employed in a fixed ratio, then the elasticity of substitution under Leontief technology is:
One
Zero
Two
Five
When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?
1756
1777
1776
1801
If a monopolist is producing under decreasing cost conditions, increase in demand is beneficial to the society because:
Consumers get better quality goods
Cost of production falls and hence price will follow
Goods will be sold in many markets
None of the above
A market demand schedule is obtained by adding individual demand schedules:
Horizontally
Vertically
Permanently
Perpetually
The behavior of MC curve is determined by the behavior of the:
AC curve
SC curve
TC curve
None of the above
If there are many firms producing similar but differentiated products, the competition is generally said to be:
Oligopoly
Pure competition
Perfect competition
Monopolistic competition
The cobweb model will divergent when the slope of:
Demand curve is more than supply curve
Supply curve is more than demand curve
Supply curve is equal to demand curve
None of the above
The elasticity of substitution measures the percentage change in the ratio of inputs when any producer observes the percentage change in:
Output cost
Output ratio
Input prices
Input ratio
Which of the following is not an explicit cost of production?
Wage of self-employed proprietor
Depreciation on machinery
Returns on owned capital
Cost of raw materials
In case of monopoly, when total revenue is maximum:
MR is positive
MR falls
MR rises
MR is zero
Under Bandwagon effects, people use those goods which are used by their:
Friends
Relatives
Family
All of them
Stable cobweb model is a:
Simple model
Dynamic model
Both of them
None of them
In joint-profit maximization cartel, the distribution of profit is:
Made by agency
Not made by agency
Made by people
None of the above
On the total utility curve the economically relevant range is the portion over which:
The total utility is rising at a declining rate
The total utility is raising at an increasing rate
Total utility is maximum
Total utility is declining
When total product increases at a decreasing rate:
MP = AP
MP < AP
MP > AP =0
MP > AP
Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price:
Equal to one
Greater than one
Smaller than one
Zero
When total product falls:
MP is positive
MP is negative
MP is falling
MP is rising
In first degree price discrimination, monopolist takes away :
All of the consumer surplus
All of the producer surplus
Some part of the consumer surplus
None of them
The long-run AC curve is constructed from:
The minimum points on all short-run AC curves
The lowest points on the short-run MC curve
The minimum points on the short run AVC curves
It has nothing to do with the short-run cost curves
In non-constant sum game (non-zero sum game), if there are two parties then:
Both parties make better-off
Both parties make worse-off
Both parties become Neutral
Both parties can become better off or worse off
If the consumers expect that the price of computers will decrease in next year then:
Current demand for computers will fall
Current demand for computers will rise
Current demand will change unpredictably
Current supply of computers will rise
The advertisement and other selling activities:
Lessen the differentiation
Widen the differentiation
Does not effect the differentiation
All of the above
According to Chamberlin, the activity of a monopolistic competitive firm:
Get noticed by the rival firms
Get unnoticed by the rival firms
Get noticed by the employees of the rival firms
None of the above
Under monopolistic competition, the firms compete alongwith:
Supreme powers
Discretionary powers
Low powers
None of the above
Marginal utility means:
Utility derived from the last unit of production
Utility derived from the last unit of a commodity which is being consumed
Total utility- Average utility
None of the above
The pay-off matrix shows:
Possible outcomes
Possible benefits
Possible losses
None of them
The model which gives us information about price and output changes in different periods is:
Stable cobweb model
Perpetual oscillation
Both(a) and(b)
None of them
An exceptional demand curve is:
Downward sloping
Upward sloping
Horizontal straight line
Vertical straight line