Forms of market & its equilibrium – Test 4

Under __________ market condition, firms in industry make normal profit in the long run.

Agricultural goods market depict characteristics close to

Which of the following is not a characteristic of a competitive market?

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.

Suppose a firm is producing a level of output such that MR>MC. What should be firm do to maximize its profits?

Oligopolistic are characterized by-

In which form of the market structure is the degree of control over the price of its product by a firm very large?

Under which of the following forms of market structure does a firm have no control over the price of its product?

The Kinked demand hypothesis is designed to explain in the context of oligopoly-

One characteristic not typical of oligopolistic industry is-

The structure of the toothpaste industry in India is best described as-

When…………, we know that the firm are earning just normal profits.

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.

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.

The competitive firm maximizes profit when it produces output up to the point where

In the long-run equilibrium of a competitive market, firms operate at-

Time element was conceived by –

When e>1 then MR is-

When e=1 then MR is-

In oligopoly, when the industry is dominated by one large firm which is considered as leader of the group. This is called-

When the product are sold through a centralized body oligopoly is known as-

To achieve more market power, firms can-

Under which type of market structure is price rigidity (stickiness) often predicted?

Which two of the following assumptions apply to ‘kinked-demand’ analysis in oligopoly markets?

Firm encounters its “shutdown point” when-