Q. The Kinky demand curve hypothesis is designed to explain in the context of oligopoly: A. Price and output determination B. Price rigidity C. Price leadership D. Collusion among rivals Answer: Price rigidity
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Q. Which of the following oligopoly models is concerned with the maximization of joint profits? A. Price leadership model B. Bertrand’s model C. Collusive model D. Edge worth’s model Answer: Collusive model
Q. Discriminating monopoly implies that the monopolist charges different prices for his commodity: A. From different groups of consumers B. For different uses C. At different places D. Any of the above Answer: Any of the above
Q. The situation of monopolistic competition is created by: A. Small number of producers of a commodity B. Lack of homogeneity of the product produced by different firms C. Imperfection of the market for that product D. All of the above Answer: All of the above
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Q. Under which of the following forms of market structure does a firm have no control over the price of its product? A. Monopoly B. Monopolistic competition C. Oligopoly D. Perfect competition Answer: Perfect competition
Q. Which is the other name that is given to the average revenue curve? A. Profit curve B. Demand curve C. Average cost curve D. Indifference curve Answer: Demand curve
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Q. In which of the following market structure is the degree of control over the price of its product by a firm very large? Imperfect competition Perfect competition Monopoly In A and B both Answer: Monopoly
Q. In which form of the market structure in the degree of control over the price of its product by a firm very large? A. Monopoly B. Imperfect competition C. Oligopoly D. Perfect competition Answer: Monopoly
Q. Price discrimination will be profitable only if the elasticity of demand in different markets into which the total market has been divided is: Uniform Different Less Zero Answer: Different
Q. Which is the first-order condition for the profit of a firm to be maximum? AC = MR MC = MR MR = AR AC = AR Answer: MC = MR
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