Who finalized the model of monopolistic competition?
Ricardo
Marshal
Chamberlin
Mrs. Robinson
Correct Answer :
C. Chamberlin
Related Questions
Production function relates:
Cost to input
Wages to profits
Cost to output
Inputs to output
Under competitive conditions, the industry will be in equilibrium:
When each firm is in equilibrium equating MC with MR
When all the firms are earning only normal profits
When firms outside have no tendency to enter the industry and those within, have no tendency to leave the industry
All of the above
If the commodity is inferior then the Income Effect (I.E) and the Substitution Effect (S.E):
Both move together and reinforce each other
One moves and the other remains constant
Move in the opposite direction and neutralize each other
Both remain constant
In economist the term invisible hand is refers to:
Hand of God
Market self regulating system
Hands of invisible people
Regulations of government
In cournot model firms:
Cannot make price adjustments
Can make price adjustments
Can adjust number of customers
None of the above
Other things remaining the same, when a consumers income increases his equilibrium point moves to:
A lower indifference curve
A lower PPC curve
Remains on same indifference curve
A higher indifference curve
In case of monopoly, when total revenue is maximum:
MR is positive
MR falls
MR rises
MR is zero
The entry of new firms in cournot model is:
Banned
Free
Partially free
Allowed
If a straight line supply curve passes through the point of origin O, the elasticity of supply is:
Zero
Infinity
Unity
More than unity
The slope of indifference curve shows:
Income level
Satisfaction level
Marginal rate of substitution
Demand level
In case the two commodities are complements, cross elasticity will be:
Positive
Unitary
Negative
Infinite
A budget line shows:
Quantities of commodity X which a consumer could buy with no amount of Y
Quantities of commodity Y which a consumer could buy with no amount of X
The different combinations of X and Y that the consumer could buy
All of the above
Change in quantity demanded (expansion and contraction of demand) is:
Due to change in price while other factors remain constant
Due to change in factors other than price
Both a and b
None of the above
We can measure consumers surplus with the help of
TU curve
MU curve
Supply curve
None of the above
In monopolistic competition, the individual demand curve is also known as:
Planned products curve
Planned material curve
Planned costs curve
Planned sales curve
In monopolistic competition, the cost curves of all firms are:
Uniform
Different
Dependent
Independent
The main contribution of Prof. R.G.D.Allen is in the field of:
fixation of price
Arc elasticity of demand
Cross elasticity of demand
Wage theory
Average cost means:
Cost of the average units
Cost of the last units of average
Cost of the unit of production
Total cost marginal cost
In cournot model, during the process of adjustment, the number of firms:
Donot change
Change
Both a and b
None of the above
Price effect occurs on the higher IC in case of:
Slutsky approach
Hicksian approach
Marshallian approach
None of the above
A monopolist:
Can not influence the market
Can influence the market
Is a price taker
None of the above
In short run, a firm would remain in business as long as which one of the following of cost is covered?
Total costs
Fixed costs
Variable costs
Constant costs
In perfect cartel, the:
Perfect competition price is charged
Monopoly price is charged
Monopoly price is not charged
None of the above
The games which played by players again and again are called:
Repeated games
Cooperative games
Non-cooperative games
Constant games
Duopoly is a market where there are:
Two sellers
A few sellers
Five sellers
Many sellers
Which of the following is not characteristic of perfect competition?
Freedom of entry and exit
Each seller is a price taker
Perfect information about prices
Heterogeneous products
Indifference curve represents:
Only two commodities
Only three commodities
More than three commodities
Any number of commodities
The situation in between the extremes of the govt. controlled, planned economy and the perfectly free, unplanned economy is known as:
Developed economy
Laissez-fair economy
Mixed economy
Capitalistic economy
The budget-line is also known as the:
Iso-utility curve
Production possibility line
Isoquant
Consumption possibility line
Diseconomies of management lead to:
Decreasing returns to scale
Constant returns to scale
Increasing returns to scale
maximum returns to scale