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The price under perfect competition is settled by:

A. Producers

B. Sellers

C. Buyers

D. Sellers and buyers

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  1. If Cobb-Douglas production function is homogeneous of degree less than one (n
  2. An economic model describing the working of an economy consists of:
  3. The supply curve for the short-run competitive firm is the same as:
  4. The general form of Cobb-Douglas production function is:
  5. When a competitive firm is in equilibrium in the long-run, its output is such that:
  6. LMC represents change in LTC (long-run total cost) due to producing an additional unit of a good while…
  7. In case of complementary factors, the isoquants are:
  8. The marginal revenue of a perfectly competitive firm is:
  9. Marshallian approach is also known as:
  10. With firms having cost differences under perfect competition, a firm, which earns normal profit in the…
  11. Cournot equilibrium is attained where two reaction curves:
  12. At a point above the middle of a straight line demand curve, elasticity of demand is:
  13. In dominant price leadership model, the dominant firm set the:
  14. Which of the following formula determine the income elasticity of demand?:
  15. Which of the following is not a feature of isoproduct curves?
  16. According to translog production function, elasticity of substitution is:
  17. The giffen paradox is an exception to law of:
  18. Which of the following pairs of commodities is an example of substitutes?
  19. If the price of product increases and in the result the demand for product B also increases then:
  20. According to Saint Thomas Aquinas value is determined by God, but prices by:
  21. On a straight line demand curve, elasticity of demand at the midpoint is:
  22. There is no difference between fixed and variable factors in the:
  23. Under monopoly and imperfect competition MC is:
  24. Contraction of demand means:
  25. Elasticity of Substitution (s) is defined as:
  26. The advantage of using indifference curves rather than marginal utilities is:
  27. An increase in the price of the good measured on the horizontal axis causes:
  28. The demand curve of a firm in monopolistic competition is:
  29. If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity…
  30. We can obtain consumers demand curve from: