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4

Which of the following models are associated with non-collusive oligopoly?

A. Bertrand model

B. Chamberlin model

C. Kinked demand model (Sweezy Model)

D. All of the above

Correct Answer :

D. All of the above


Related Questions

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4

We can write ordinal utility function as:

A. U = x1 x2

B. U = x1 + x2

C. U = y1 +x1

D. U = x1.x2

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4

In case of economic bads, an IC can be :

A. Sloping downward

B. Sloping upward

C. Positively sloped

D. Negatively sloped

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4

Marshallian demand function is also known as:

A. Utility demand function

B. Compensated demand function

C. Collective demand function

D. Relative demand function

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4

The goods sold by firms under monopolistic competition are technological as well as:

A. Economic complements

B. Economic substitutes

C. Economic inferiors

D. None of the above

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4

To calculate the elasticity of demand, which of the following formula is used?:

A. Percentage change in demand Original demand

B. Proportionate change in demand Proportionate change in price

C. Change in demand Change in price

D. None of the above

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4

Social costs equal private costs when:

A. Marginal cost is zero

B. Total cost is zero

C. External costs are zero

D. Average costs are zero

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4

If the price of a product falls which of the following would occur?

A. Indifference curves shift down

B. Budget line shifts down

C. Indifference curve shift up

D. Budget line pivots

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4

Who finalized the model of monopolistic competition?

A. Ricardo

B. Marshal

C. Chamberlin

D. Mrs. Robinson

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4

Rational economic behavior on the part of the consumer means that he will:

A. Save as much of his income as possible

B. Spend as much of his income as possible

C. Buy everything at the lowest possible price

D. Make wise choices among available economic goods

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4

Capital Saving Technological Progress can be defined as:

A. Technological progress that causes to raise the marginal product of capital and labor in the same proportion

B. Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor

C. Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital

D. None of the above

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4

The long run average cost curve is the envelope of:

A. SACs

B. LACs

C. SMCs

D. LMCs

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4

When price decreases and with it the total outlay on a commodity also decreases, it is a case of:

A. Perfect elasticity (infinitely elastic)

B. Relative elasticity (greater than one elasticity)

C. Perfect inelasticity (zero elasticity)

D. Relative inelasticity (less than one elasticity)

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4

By scarcity the economist means that all goods are scarce relative the peoples:

A. Desire for them

B. Purchases

C. Production

D. Consumption

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4

Which of the following curves is a rectangular hyperbola?

A. ATC

B. AVC

C. AFC

D. None of the above

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4

A significant property of the Cobb-Douglas production function is that the elasticity of substitution between inputs is:

A. Greater than one

B. Less than one

C. Zero

D. Equal to one

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4

The largest possible loss that a firm will make in the short run is:

A. Zero

B. Its total fixed cost

C. Its total variable cost

D. Equal to one

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4

The optimum level of output in long run takes place where:

A. LAC = LMC

B. SAC = LMC

C. SAC =MC

D. SAC =LAC

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4

Whish of the following represents the average revenue curve of a firm?

A. The curve representing the cost per unit of output

B. The demand curve of consumers for the firms product

C. Total receipts realized by the firm

D. All of the above

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4

When at a given price, the quantity supplied of a commodity is more than the quantity demanded, there will be:

A. An upward pressure on price

B. A downward pressure on price

C. Price will remain unaffected

D. All of the above

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4

The feasible part of the demand curve for the monopolist who is charging high price will be:

A. The elastic part of a demand curve

B. The inelastic part of a demand curve

C. The constant elastic part of the demand curve

D. None of the above

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4

Efficient allocation of resources is achieved to a greater extent under:

A. Monopoly

B. Perfect competition

C. Monopolistic competition

D. Oligopoly

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4

In dominant price leadership model, the small firms are like:

A. monopolistic firms

B. monopoly

C. competitive firms

D. none of the above

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4

A monopolist will fix the equilibrium output of his product where the elasticity of his average revenue curve is:

A. Less than one

B. Equal to one

C. Greater than one

D. Less than one

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4

In monopolistic competition, the firms face:

A. Horizontal demand curve

B. Vertical demand curve

C. Similar demand curve

D. Differential demand curve

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4

Extension (expansion) of demand means:

A. More quantity demanded at a lower price

B. More quantity demanded at a higher price

C. More quantity demanded at the same price

D. None of the above

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4

In sweezy model (kinked demand curve model), the overall increase in costs of production:

A. Do not effect equilibrium

B. Affect equilibrium

C. Both a and b

D. None of the above

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4

The non-price competition cartel is a:

A. stable cartel

B. unstable cartel

C. prominent cartel

D. special cartel

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4

A market demand curve presumes that:

A. All consumers are alike

B. Incomes of all consumers is the same

C. Tastes of all consumers are the same

D. Consumers differ in taste, incomes and other matters

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4

Production indifference curve (isoquant) is a curve which shows:

A. Equal level of output

B. Unequal level of outputs

C. Equal level of inputs

D. Unequal level of inputs

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If the commodities X and Y are perfect substitutes then:

A.

B.

C. >

D. None of the above