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Which of the following is not a characteristic of a perfectly competitive market?

A. There is perfect information about prices

B. All participants in the market are small relative to the size of the overall market

C. There are many buyers and sellers

D. Buyers and sellers do not know each other

Correct Answer : D.


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  1. In joint-profit maximization cartel, the distribution of profit is:
  2. Profits of a firm will be calculated taking into account the units produced and the difference between:
  3. A normal profit is:
  4. The ordinary demand curve is also called:
  5. The number of sellers in duopoly is:
  6. When elasticity of demand is one (e=1), then following the formula MR=P[1-1/e], the MR will:
  7. All of the following curves are U-Shaped except:
  8. The demand curve slopes downwards due to:
  9. Any straight line supply which cuts the x-axis will have:
  10. In second degree price discrimination, monopolist takes away :
  11. In Revealed Preference Theory, Samuelson proves P.E = S.E + I.E :
  12. Increasing return to scales can be explained in terms of:
  13. The equilibrium conditions, MC = MR = AR = AC, will happen:
  14. In modern theory of costs, a firm normally utilizes:
  15. Cross-demand curve shows:
  16. Of the following, which one is a characteristic of monopolistic competition?
  17. The number of sellers in oligopoly are:
  18. Under perfect competition, a firm will be in equilibrium if:
  19. Marshalls definition of economics was strongly criticised by:
  20. AR curve under perfect competition:
  21. Other things remaining the same, when a consumers income increases his equilibrium point moves to:
  22. Efficient allocation of resources is achieved to a greater extent under:
  23. The point on which the average cost is minimum in a firm, short run average cost curve will also be…
  24. If the production increases under decreasing returns to scale, the cost will:
  25. In case of budget line, we get pairs of two goods where consumers income is:
  26. Ceteris paribus clause in the law of demand means:
  27. Robbins definition of economics was criticised by:
  28. From analysis, it is clear that both Marshal and Walras market models are:
  29. The proportionality rule in production requires that the ratios of MP and factor prices are:
  30. Price discrimination is possible: