The Prisoners Dilemma was presented by A.W.Tucker in:
1910
1945
1900
1940
Correct Answer :
D. 1940
Related Questions
In perfect competition, the slope of the total revenue curve of a firm is equal to the:
Market price
AVC
TFC
AFC
In joint-profit maximization cartel, central agency sets the:
Output
Input
Demand
Price
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
In market sharing cartel model, cartel determines the shares of:
the individuals
industry
firms
associations
Cournot equilibrium is attained where two reaction curves:
Repel each other
Represent each other
Intersect each other
None of the above
In the short-run, in which one of the following situations would a competitive seller close down (shut-down)?
When he cannot produce at an economic profit
When price falls short of average variable cost at every level of output
When price falls short of average fixed cost at every level of output
When price falls short of average total cost at every level of output
If a firm produces zero output in the short period then which statement is true?
Its total cost will be zero
Its variable cost will be positive
Its fixed cost will be positive
Its average cost will be zero
The basic subject matter of economics is:
Money
Capital resources
Scarcity
Inflation
An income demand curve of an inferior good is:
Upward sloping
Downward sloping
Constant in slope
None of the above
Demand of a commodity is elastic when:
Change in its price causes a proportionately greater change in its quantity demanded
Change in its price does not change its quantity demanded
Change in consumers income causes change in demand
None of the above
The line from the origin to a point on an isoquant shows:
The wages employment ratio
The capital rent ratio
The rent labor ratio
The capital labor ratio
When total product increases at a decreasing rate:
MP = AP
MP < AP
MP > AP =0
MP > AP
In Recardian theory of value, the stress has been made on:
Marginal cost
Production cost
Labor cost
Supply cost
If the demand for good is more elastic and government levied a tax per unit of output, the price per unit for the firm would:
Rise by the amount of the tax
Rise by more than the amount of the tax
Rise by less than the amount of the tax
Remain the same
The elasticity of demand is equal to slope of demand function divided by:
Average demand function
Qualified demand function
Constructive demand function
Relative demand function
In the case of complements, the cross demand curve slopes:
Downwards to the right
Upwards to the right
Backwards to the top
Inwards at the bottom
The equilibrium of a firm is determined by the equality of MC and MR in only:
Under perfect competition
Under monopoly
Under imperfect competition
Under all the above market forms
Compared to perfect competition, a monopolist will charge:
Charges a high price
Produce more output
Increase economic efficiency
None of the above
Pure monopoly exists:
When there is a single producer
When there is a single producer without any close substitute
When there is a single producer with close substitutes
When a few producers control the industry
According to translog production function, elasticity of substitution is:
Greater than one
Less than one
Zero
Equal to one
The short-run periods in monopolistic competition are:
Parallel to each other
Dependent upon each other
Independent of each other
Zero
In collusive olligopoly, the firms may make:
Open agreements
Secret agreements
Both a and b
None of the above
A monopoly producer usually earns:
Abnormal profits
Only normal profits
Neither profits nor losses
Profits and losses which are uncertain
Who developed the concept of Representative Firm?
A.C.Pigou
Alfred Marshal
J.M.Keynes
D.H.Robertson
By reducing the prices of its products below those of its competitors, a perfectly competitive seller:
Reduces its revenues
Increases its revenues
Can sell nothing
None of the above
Discriminating monopoly implies that the monopolist charges different prices for his commodity:
From different groups of consumers
For different uses
At different places
Any of the above
Which of the following is not a property of indifference curve?
Convex to the origin
Slopes downwards to the right
Parallel to each other
Cannot intersect each other
Which form of market structure is characterized by interdependence in decision-making as between the different competing firms?
Oligopoly
Perfect competition
Imperfect competition
None of the above
Decrease in demand results in:
Upward shift in demand curve
Downward shift in demand curve
Movement on the same demand curve
No movement or shift at all
At the point where the straight line from the origin is tangent to the TC curve, AC is:
Maximum
Minimum
Equal
Lower