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B. Price flexibility
C. Demand rigidity
D. Demand flexibility
B. Chamberlin
C. Keynes
D.None
B. Perfect competition
C. Monophony
D.Oligopoly
4. Demand is a function of
A. Price
B. Firm
C. Product
D.Cost
5: The term group equilibrium is related to
A. Monopolistic competition
B. Oligopoly
C. Duopoly
D.Perfect competition
A. When the consumer becomes either better off or worse off because price change is not
compensated by income change.
B. When the consumer is betler off due to a change in income and price
C. When income and price change
B. Oligopoly
C. Monopsony
D.Perfect competition
D.Volume of product
9:Facotrs responsible for creating conditions for emergence & growth of monopoly are
A. Control over strategic raw materials
B. Patents
C. Licensing
ANSWERS:
1. A
2. B
3. D
4. A
5. A
6. A
7. C
8. A
9. D
10. A
11: A market in which only two firms exist is
A.Oligopoly
B. Duopoly
C.Duopsony
D.Oligopsony
12: Value maximization theory fails to address the problem of
A.self-serving management.
B. risk
C.uncertainty
D.sluggish growth.
13: Selling costs have to be incurred in case of
A.Perfect competition
B. Monopolistic competition
C.Imperfect competition
D.None
B. Monopolistic competition
C.Monopoly
B. Cournot Model
C.Sweezy Model
D.Pareto Model
16: Price elasticity of demand provides
A.A measure of the responsiveness of the quantity demanded to changes in the price of the
product, holding constant
the values of all other variables in the demand function.
B. A technical change in the goodwill of the firm
C.A technical change in the cost of product
B. Marginal revenue
C.Both (a) and (b)
D.None of these
18: Market with one buyer and one seller is called
A.Monopsony
B. Monopoly
C.Bilateral Monopoly
B. More elastic
C.Less elastic
D.Inelastic
20:
Which of the following is an important dynamic variable?
B. Organisational nature
D.Cultural variables
ANSWERS:
11. B
12. A
13. B
14. D
15. A
16. A
17. C
18. C
19. B
20. C
21: In the calculation of elasticity, there is error in case of
A.Arc elasticity
B. Point elasticity
D.None
B. 2
C.3
D.4
B. Perfect competition
C.Oligopoly
D.Monopolistic competition
B. MR = MC
C.MR = AR
D.MC = AC
B. Non-Collusive oligopoly
C.Monopoly
B. Cannot be controlled
27: If the demand curve confronting an individual firm is perfectly elastic, then firm is
A.Price taker
B. Adjust output
C.Adjust price
D.All of these
28: Given:
Epx = Percentage change in Qy / Percentage change in Px
B. Cost Output
C.Cost Profit
D.Capital Budgeting
B. Monopoly
C.Non-Collusive oligopoly
D.None of these
30: Which one is not normally possible in case of monopoly?
A.MC = MR
B. AC = AR
C.MR = AR
D.MR = P
ANSWERS:
21. A
22. B
23. B
24. B
25. A
26. B
27. A
28. A
29. A
30. C
31: A firm's marginal revenue
A.is always negative
B. can be positive
32: In a monopoly market, an upward shift in the market demand results in a new equilibrium
with
A.A higher quantity and a lower price
B. Demand Differentials
C.Demand Determinations
B. Adam Smith
C.Joseph Schumpeter
D.Pigou
36: Average revenue is calculated by
A.TRn - TRn-1
B. P x Q
C.TR / MR
D.TR / Q
37: Cross elasticity of demand between two perfect substitutes will be
A.low
B. high
C.zero
D.infinity
38: At elasticity of one, marginal revenue is equal to
A.one
B. zero
C.infinity
D.none
B. Extention in demand
C.Contraction in demand
31. D
32. C
33. D
34. C
35. C
36. D
37. D
39. A
40. B
41: Study of demand over two periods is called
A.Static
B. Comparative static
C.Dynamic
D.None of these
42: In case of monopoly, a firm in the long run can have
A.Loss
C.Break even
D.All of these
43: Marginal cost curve cuts the average cost curve from below at
44: On an indifference map, if the income consumption curve slopes downwards to the right
it shows that
A.Both X and Y are superior goods
B. Y is an inferior good
B. Partial equilibrium
B. ei = (Y1 - Y2 ) / P1
D.ei = (Q2 - Q1 ) / P1
B. 1 5 3 4 2
C.1 3 2 5 4
D.1 2 3 4 5
49: Other things remaining the same, when a consumer's income increases, his equilibrium
point moves to
A.A higher indifference curve
B. To the left-hand side on the same indifference curve
C.Remains unchanged on the same indifference curve
D.A lower indifference curve
50: Law of diminishing marginal utility is based on the assumption that
a. Tastes change over time
b. Consumption is continuous
c. Different units of goods consumed are homogeneous Of these statements:
A.Only a is true