The number of sellers in oligopoly are:
Two
Many
Four
Very few
Correct Answer :
D. Very few
Related Questions
The economic problem of determining the combination of inputs yielding lowest cost for producing a given output:
Is only a choice among the technologically efficient combination
Depends on the relative price of inputs
Depends on the price of the product
Depends on the profits made
In terms of price, the indirect utility function may be:
Concave
Quasi-convex
Straight line
Convex
The critics of Sweezy model say that kink generates:
Frustration
Poverty
Uncertainty
Integrity
The total revenue curve for monopolist is the shape of:
Circle
Rectangle
Parabola
None of the above
Some economists refer to iso-product curves as:
Engels curve
Production indifference curve
Budget line
Ridge line
At final equilibrium in cournot model, each firm sells:
1/2 of the total market demand
1/4 of the total market demand
1/3 of the total market demand
None of the above
The marshallian demand curve includes:
Substitution Effect
Income Effect
Both substitution and income effect
None of them
If the price of coffee increases, you would predict that:
Demand curve for sugar will shift downward (leftward)
Supply curve for sugar will shift leftward (upward)
Demand curve for bread will shift downward (leftward)
None of the above
The nominal income of a consumer is income in terms of:
Goods
Goods and services
Goods and services it can purchased
Monetary units
According to Marshallian approach, utility:
Can be added
Can be subtracted
Can be multiplied
Can be divided
The CES production function shows:
Decreasing return to scale
Increasing return to scale
Constant return to scale
None of the above
If the marginal utility is divided by the price of the commodity then it is called:
Real Marginal Utility
Gross Marginal Utility
Weighted Marginal Utility
Money Marginal Utility
Which one of the following has been the most influential work of F.H.Knight?
Freedom and Reform
The Green Revolution
Economic Integration
Risk ,Uncertainty and Profit
Identify the work of T.W.Schultz:
Transforming Traditional Agriculture
Productivity and Technical Change
Jobs, Poverty and the Green Revolution
Causes of Poverty
The kinked demand curve comes into being where:
Proportional demand curve (PDC) and individual demand curve (IDC) intersect each other
Proportional demand curve (PDC) and individual demand curve (IDC) are parallel to each other
Proportional demand curve (PDC) and individual demand curve (IDC) repel each other
None of the above
The number of sellers in duopoly is:
A few
Four
Two
Very large
Total costs are:
TFC TVC
TFC/TVC
TVC/TFC
TFC +TVC
Total variable cost curve:
Steps downwards at first and then upwards
Steps upwards, then remains constant and then falls
Steps downwards
None of the above
Stable cobweb model is a:
Simple model
Dynamic model
Both of them
None of them
At a point above the middle of a straight line demand curve, elasticity of demand is:
Less than one
Equal to one
More than one
Equal to infinite
A profit-maximizing monopolist in two separate markets will:
Charge the same price in both markets
Always charge a higher price in the market where he sells more
Always charge a higher price in the market where he sells less
Adjust his sales in the two markets so that his marginal revenue in each market just equals his aggregate marginal cost
In Prisoner Dilemma, the best choice of strategy is:
Stable
Unstable
Negative
Neutral
Technological efficiency:
Is the same as economic efficiency
Is achieved when the output produced is maximum for the given level of inputs
Means that there is only one way to produce a given quantity of output
None of the above
Returns to scale is a:
Timeless phenomenon
Short run phenomenon
Long run phenomenon
None of the above
Increasing return to scales can be explained in terms of:
Optimal factor proportions
Fixed scale of plant
External and internal economies
Labor productivity
The firm producing at the minimum point of the AC curve is said to be:
Operating under diminishing cost
Making optimum use of plant capacity
Operating at excess capacity
Operating under increasing costs
In case of straight-line isoquant, the factors are not substituted because they are each others:
Imperfect substitutes
Perfect substitutes
Complements
None of the above
In joint-profit maximization cartel, the distribution of profit is:
Made by agency
Not made by agency
Made by people
None of the above
The cost of firms in cournot model are:
identical
differential
very high
very low
According to Smith, by value we mean the value with respect to use, and the price we mean the value with respect to:
Production
Consumption
Exchange
Formation