Economic rent can accrue to
Q. Economic rent can accrue to: A. Land only B. Capital only C. Specialised technical personnel only D. Any of the factors of production Answer: Any of the factors of production
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Demand and Supply MCQs
Under monophony in the labour market, the supply curve of labour facing the firm will be
Q. Under monophony in the labour market, the supply curve of labour facing the firm will be: Upward-sloping to the right Downward-sloping to the right Backward-sloping to the left Horizontal Answer: Upward-sloping to the right
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Which one of the following is not the assumption of the Marginal Productivity Theory of Distribution?
Q. Which one of the following is not the assumption of the Marginal Productivity Theory of Distribution? A. Homogeneity of a factor B. Perfect competition in the factor market C. All factors, except one, are variable D. Given stock of each factor and full employment Answer: All factors, except one, are variable
With which of the theories of wages is the name of John Stuart Mill associated?
Q. With which of the theories of wages is the name of John Stuart Mill associated? A. Marginal productivity theory of wages B. Wages-fund theory C. Subsistence theory of wages D. Iron law of wages Answer: Wages-fund theory
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Which form of market structure is characterised by interdependence in decision-making as between the different competing firms?
Q. Which form of market structure is characterised by interdependence in decision-making as between the different competing firms? A. Oligopoly B. Perfect competition C. Imperfect competition D. None of the above Answer: Oligopoly
The Kinky demand curve hypothesis is designed to explain in the context of oligopoly
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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Which of the following oligopoly models is concerned with the maximization of joint profits?
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
Discriminating monopoly implies that the monopolist charges different prices for his commodity
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
The situation of monopolistic competition is created by
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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Under which of the following forms of market structure does a firm have no control over the price of its product?
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