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4

The number of firms in monopolistic competition normally range between:

A. 14 to 28

B. 14 to 80

C. 14 to 38

D. 14 to 60

Correct Answer :

B. 14 to 80


Related Questions

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4

A firm considering what type of new plant to build is involved in a:

A. Immediate-run decision

B. Market period decision

C. Short-run decision

D. Long-run decision

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4.The Law of Diminishing Returns according to the modern view, applies to:

A. Agriculture

B. All fields of production

C. Industry

D. Services

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4

Contraction of demand means:

A. Less quantity demanded at the same price

B. Less quantity demanded at a higher price

C. Less quantity demanded at a lower price

D. None of the above

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4

In centralized cartel, the firms are like:

A. Price takers

B. Price setters

C. Price discriminators

D. None of the above

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4

Under Bandwagon effects, people use those goods which are used by their:

A. Friends

B. Relatives

C. Family

D. All of them

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4

In microeconomics, we study:

A. Aggregates of the economy

B. Few units of the economy

C. Large units of the economy

D. Individual units of the economy

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4

The act of producing the output from more than one plant is concerned with:

A. Monopoly

B. Multi-plant monopoly

C. Bilateral monopoly

D. Price discrimination

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4

In Prisoners Dilemma, both the prisoners are interrogated:

A. Separately in different cells

B. Collectively in different cells

C. Collectively in same cell

D. Separately in same cell

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4

In market sharing cartel model, cartel determines the shares of:

A. the individuals

B. industry

C. firms

D. associations

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4

Karl Marx:

A. Led the Russian Revolution

B. Provided the theoretical basis for socialism(communism)

C. Developed his theory in response to the Great Depression of the 1930s

D. None of the above

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4

Marginal Productivity Theory deals with the theory of:

A. Distribution

B. Exchange

C. Market structure

D. Consumer behaviour

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4

To get more revenue, a Finance Minister impose tax on that commodity which has:

A. Inelastic demand

B. Elastic demand

C. Unit elasticity

D. Zero elasticity

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4

If price exceeds AVC but in smaller than AC at the best level of output, the firm is:

A. Making a profit

B. Incurring a loss but should continue to produce in the short-run

C. Incurring a loss and should stop producing immediately

D. Making a normal profit

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4

Increase in demand occurs when:

A. The price falls and the demand also falls down

B. The price increases but demand falls down

C. The price increases the demand remains constant and when the price remains constant the demand goes up

D. The price remains constant but demand falls

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4

If in the long run all factor inputs are increased three times and the resulting output is four times as before, it is a case of:

A. Decreasing returns to scale

B. Variable returns to scale

C. Constant returns to scale

D. Increasing returns to scale

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4

Under monopolistic competition, the products sold by the firms are:

A. Economic substitutes

B. Technical substitutes

C. Both a and b

D. None of the above

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4

Which of the following statement is wrong?

A. A utility function refers to a particular individual and reflects the tastes of that individual

B. When the tastes of an individual changes, his utility function changes(shifts)

C. Different individuals usually have different tastes and thus have different utility functions

D. Different individuals have same tastes and thus have the same utility function

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4

In Bertrand model, the entry of new firms is:

A. banned

B. allowed

C. partially allowed

D. none of the above

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4

In short run:

A. Labor is variable

B. Labor is fixed

C. Capital is variable

D. None of the above

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4

If two goods are complements then indifference curve (IC) will be:

A. Straight line

B. Convex to origin

C. Concave to origin

D. Lshaped

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4

Labor 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 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

Each SAC represents a particular level of:

A. Input

B. Output

C. Both of them

D. None of them

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4

Rational economic behavior on the part of the consumer means that he will:

A. Save as much of his income as possible

B. Spend as much of his income as possible

C. Buy everything at the lowest possible price

D. Make wise choices among available economic goods

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4

In joint-profit maximization cartel, central agency sets the:

A. Output

B. Input

C. Demand

D. Price

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4

The market demand for any commodity is the:

A. Average requirement for it in any given place

B. Amount of it wanted at any given price

C. Amount that people would like to buy during a period at different prices

D. Quantity needed to maintain a given standard of living

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4

Marginal cost curve cuts the average cost curve:

A. At the left of its lowest point

B. At its lowest point

C. At the right of its lowest point

D. None of the above

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4

In Prisoners Dillemma, the players are:

A. Industrialists

B. Prisoners

C. Common men

D. Workers

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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 amount of income left over for a consumer in equilibrium is :

A. Consumer surplus

B. Zero

C. Two rupees

D. Excess demand