Under __________ market condition, firms in industry make normal profit in the long run.
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Question 2 of 25
2. Question
1 points
Category: Business Economics
Agricultural goods market depict characteristics close to
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Question 3 of 25
3. Question
1 points
Category: Business Economics
Which of the following is not a characteristic of a competitive market?
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Question 4 of 25
4. Question
1 points
Category: Business Economics
Assume that when price is 20, quantity demanded is 9 units, and when price is 19, quantity demanded is 10 units. Based on this information, what is the marginal revenue resulting from an increase in output from 9 units to 10 units.
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Question 5 of 25
5. Question
1 points
Category: Business Economics
Suppose a firm is producing a level of output such that MR>MC. What should be firm do to maximize its profits?
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Question 6 of 25
6. Question
1 points
Category: Business Economics
Oligopolistic are characterized by-
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Question 7 of 25
7. Question
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Category: Business Economics
In which form of the market structure is the degree of control over the price of its product by a firm very large?
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Question 8 of 25
8. Question
1 points
Category: Business Economics
Under which of the following forms of market structure does a firm have no control over the price of its product?
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Question 9 of 25
9. Question
1 points
Category: Business Economics
The Kinked demand hypothesis is designed to explain in the context of oligopoly-
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Question 10 of 25
10. Question
1 points
Category: Business Economics
One characteristic not typical of oligopolistic industry is-
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Question 11 of 25
11. Question
1 points
Category: Business Economics
The structure of the toothpaste industry in India is best described as-
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Question 12 of 25
12. Question
1 points
Category: Business Economics
When…………, we know that the firm are earning just normal profits.
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Question 13 of 25
13. Question
1 points
Category: Business Economics
When ________, we know that the firms must be producing at the minimum point of the average cost curve and so there will be productive efficiency.
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Question 14 of 25
14. Question
1 points
Category: Business Economics
When_________, there will be allocative efficiency meaning thereby that the cost of the last unit is exactly equal to the price consumers are willing to pay for it and so that the right goods are being sold to the right people at the right price.
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Question 15 of 25
15. Question
1 points
Category: Business Economics
The competitive firm maximizes profit when it produces output up to the point where
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Question 16 of 25
16. Question
1 points
Category: Business Economics
In the long-run equilibrium of a competitive market, firms operate at-
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Question 17 of 25
17. Question
1 points
Category: Business Economics
Time element was conceived by –
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Question 18 of 25
18. Question
1 points
Category: Business Economics
When e>1 then MR is-
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Question 19 of 25
19. Question
1 points
Category: Business Economics
When e=1 then MR is-
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Question 20 of 25
20. Question
1 points
Category: Business Economics
In oligopoly, when the industry is dominated by one large firm which is considered as leader of the group. This is called-
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Question 21 of 25
21. Question
1 points
Category: Business Economics
When the product are sold through a centralized body oligopoly is known as-
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Question 22 of 25
22. Question
1 points
Category: Business Economics
To achieve more market power, firms can-
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Question 23 of 25
23. Question
1 points
Category: Business Economics
Under which type of market structure is price rigidity (stickiness) often predicted?
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Question 24 of 25
24. Question
1 points
Category: Business Economics
Which two of the following assumptions apply to ‘kinked-demand’ analysis in oligopoly markets?
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Question 25 of 25
25. Question
1 points
Category: Business Economics
Firm encounters its “shutdown point” when-
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