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
Correct Answer :
A. Oligopoly
Related Questions
The difference between laws of return and laws of return to scale is:
In case of laws of return, one factor of production is constant and other is variable while in laws of return to scale both factors of production are variable
In case of laws of return to scale, one factor of production is constant and other is variable while in laws of return, both factors of production are variable
Both a and b
None of the above
Firms average and marginal revenues are equal under:
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
When total product falls:
MP is positive
MP is negative
MP is falling
MP is rising
Perfect competition implies:
Differentiated goods
Homogeneous goods
Advertised goods
Distress sale of goods
Market allocation fundamentally relies upon:
A system of relative prices
A belief that employees work for the good of society
Government ownership of the means of production
Moral incentives to encourage productive efficiency
Nash equilibrium is applicable in case of:
Cournot model
Edgeworth model
Chamberline model
Sweezy model
Marginal revenue from a given output:
The price at which the marginal unit sells
Total revenue sale of all units divided by volume of sales
Average revenue of total output average revenue of last unit
The change in total revenue resulting from the sale of one unit more of output
A firm considering what type of new plant to build is involved in a:
Immediate-run decision
Market period decision
Short-run decision
Long-run decision
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
In long run competitive equilibrium:
Every firm will earn economic profit
Every firm will incur losses
Every firm will earn only normal profit
The marginal firm will earn no profit
Which one of the following is also known as Plant Curves:
Long-run average cost (LAC) curves
Short-run average cost (SAC) curves
Average variable cost (AVC) curves
Average total cost (ATC) curves
From analysis, it is clear that both Marshal and Walras market models are:
Unstable
Stable
Variable
Fluctuating
Income effect operates through an increase
In nominal income
In money income
In wages
In real income because of the fall of price of a commodity
Which of the following is not a characteristic of a perfectly competitive market?
There is perfect information about prices
All participants in the market are small relative to the size of the overall market
There are many buyers and sellers
Buyers and sellers do not know each other
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
The average fixed cost (AFC) curve is asymptote to:
X-axis
Y-axis
Z-axis
None of the above
Who is the founder of classical school of thought?
David Ricardo
Adam Smith
T.R.Malthus
J.S.Mill
The market demand for any commodity is the:
Average requirement for it in any given place
Amount of it wanted at any given price
Amount that people would like to buy during a period at different prices
Quantity needed to maintain a given standard of living
The advertisement and other selling activities:
Lessen the differentiation
Widen the differentiation
Does not effect the differentiation
All of the above
A monopolist:
Can not influence the market
Can influence the market
Is a price taker
None of the above
In centralized cartel, the firms are like:
Price takers
Price setters
Price discriminators
None of the above
The amount of income left over for a consumer in equilibrium is :
Consumer surplus
Zero
Two rupees
Excess demand
A demand schedule is shown as:
A function of price alone
A result of change in tastes
A result of increase in the size of the family
None of the above
On an indifference map higher indifference curves show:
The same level of price
The same level of satisfaction
The higher level of satisfaction
The lower level of satisfaction
A demand curve is not related to:
The price of the commodity
The time period
The price of substitutes
Any of the above
The number of sellers in oligopoly are:
Two
Many
Four
Very few
Supply curves are most elastic:
In the long-run
In the short-run
For luxuries
In the immediate-run
Traditionally, the study of determination of price is called:
Theory of price
Theory of value
Theory of labor
Theory of cost
The equilibrium level of output for the pure monopolist is where:
MR = MC
MR > MC
MR < MC
P < AC
Classical production function is:
Q = f(L)
U =f(X)
Q =f(K)
Q =f(L,K)