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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Q. What is the shape of the demand curve faced by a firm under perfect competition? A. Horizontal B. Vertical C. Positively sloped D. Negatively sloped Answer: Horizontal
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Q. Which of the following is not an essential condition of pure competition? A. Large number of buyers and sellers B. Homogeneous product C. Freedom of entry D. Absence of transport cost Answer: Absence of transport cost
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Q. A monopolist is able to maximize his profit when: A. His output is maximum B. He charges a high price C. His average cost is minimum D. His maginal revenue is equal to marginal cost Answer: His maginal revenue is equal to marginal cost
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Q. With which of the following is the concept of marginal cost closely related? A. Variable cost B. Fixed cost C. Implicit cost D. Explicit cost Answer: Variable cost
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Q. According to M. Kalecki, the true measure of the degree of monopoly power is the: A. Ratio between price and marginal cost B. Extent of monopolistic profit enjoyed by the monopolist C. Cross-elasticity of demand for the product of the monopolist D. Price charged by the monopoliist minus marginal cost of production Answer: Ratio
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