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Used cars are sold in:

A. Perfectly competitive international market

B. Perfectly competitive national market

C. Imperfect international market

D. Imperfect local market

Correct Answer : D.


The market for used cars is imperfect because buyers do not have perfect information about product quality. Mostly they can not be sold in national market b/c used cars are also relatively costly to transport.}

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  3. Under which of the following forms of the market structure does a firm have no control over the price…
  4. Opportunity costs are also known as:
  5. If by doubling all inputs in the long run output is less than double, it is a case of:
  6. Which of the following conditions is met in the long-run equilibrium in monopolistic competition, where…
  7. When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?
  8. Which is the other name that is given to the average revenue curve?
  9. The name of the system of direct exchange is:
  10. The vertical distance between TVC and TC is equal to:
  11. The equilibrium level of output for the pure monopolist is where:
  12. When the income of consumer increases then budget line will:
  13. In long run, a firm can change:
  14. Marginal cost is always:
  15. In perfect cartel, the:
  16. Which of the following is not a property of indifference curve?
  17. Marginal Utility (MU) curve is always:
  18. The maximization of output subject to cost requires equilibrium at the:
  19. Each firm in cournot model assumes that its competitor will:
  20. In a perfectly competitive market, suppliers must know:
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  22. Any straight line supply which cuts the x-axis will have:
  23. Total utility:
  24. The Substitution Effect (S.E) is always:
  25. In monopolistic competition, the aim of the firm is to:
  26. Indifference curve represents:
  27. A good tends to have relatively inelastic demand, if:
  28. Which of the following is not a feature of isoproduct curves?
  29. In a socialist (communist) economy the invisible hand:
  30. The cost of firms in cournot model are: