Under which of the following forms of the market structure does a firm have no control over the price of its product?
Monopoly
Monopolistic competition
Oligopoly
Perfect competition
Correct Answer :
D. Perfect competition
Related Questions
A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand:
Increases
Decreases
Remains the same
Is zero
In case the two commodities are complements, cross elasticity will be:
Positive
Unitary
Negative
Infinite
The real income of a consumer is income in terms of:
Goods
Goods and survices
Goods and survices it can purchased
Monetary units
Cross-elasticity of demand or cross-price elasticity between two substitutes will be:
Negative
Positive
Infinite
Zero
If the commodities X and Y are perfect complements then:
None of the above
Income distribution effects:
The price of complements
The price of substitutes
The market demand for commodities
The individuals scale of performances
The MRTS along an iso-quant goes on to:
Appear
Diminish
Prominent
Increase
Marginal Utility (MU) curve is always:
Rising
Falling
Parallel to X-axis
Parallel to Y-axis
When total product (TP) is maximum:
MP is negative
MP is infinite
MP is zero
None of the above
At a point below the middle of a straight line demand curve, elasticity of demand is:
Less than one
Equal to one
More than one
Equal to infinity
The external economies of scale experienced by a firm include the:
Growth of firms processing its waste materials
Development of research bureau serving the industry
Supply of suitable skilled labor in the area
All of the above
Microeconomics is also known as:
Price theory
Demand theory
Supply theory
Income theory
If the commodity is inferior then Income Effect (I.E) is:
Negative
Positive
Zero
Infinite
The water diamond paradox was firstly resolved with the help of:
Labor theory of value
Individual theory of value
Producer theory of value
Consumer theory of value
When a consumer reached at the point of saturation then marginal utility (MU) is:
Negative
One
Positive
Zero
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
Who is the author of Trade Cycle ?
R.Nurkse
R.C.Mathews
W.A.Lewis
K.N.Raj
A monopolist will fix the equilibrium output of his product where the elasticity of his average revenue curve is:
Less than one
Equal to one
Greater than one
Less than one
The number of sellers in duopoly is:
A few
Four
Two
Very large
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
Supply curves are most elastic:
In the long-run
In the short-run
For luxuries
In the immediate-run
According to translog production function, elasticity of substitution is:
Greater than one
Less than one
Zero
Equal to one
A high value of cross-elasticity indicates that the two commodities are:
Very good substitutes
Poor substitutes
Good complements
Poor complements
If a ten percent increase in price causes a ten percent reduction in quantity demanded, elasticity of demand is:
Perfectly elastic
Elastic
Unitary elastic
Inelastic
If the price of a product falls then quantity demanded tends to increase ceteris paribus because:
The MU/P ratio has decreased
Of the income and substitution effects
Consumers tend to feel poorer when prices fall
When price falls the demand curve shifts right
In monopolistic competition (also in kinked demand curve model), a firm sells the amount where:
Individual demand curve (IDC) is equal to proportional demand curve (PDC)
Individual demand curve (IDC) is greater than proportional demand curve (PDC)
Individual demand curve (IDC) is less than proportional demand curve (PDC)
None of the above
Marshallian approach is also known as:
Cardinal approach
Ordinal approach
Consumer approach
Production approach
According to Marshallian approach, utility:
Can be added
Can be subtracted
Can be multiplied
Can be divided
If the factors have to be employed in a fixed ratio, then the elasticity of substitution under Leontief technology is:
One
Zero
Two
Five
The games which played by players again and again are called:
Repeated games
Cooperative games
Non-cooperative games
Constant games