Price and Output Determination-Test 1

A competitive firm in the short run incurs losses. The firm continues production , if————

Under ———– market condition, firms make normal profits in the long run.

A monopolist is able to maximize his profits when ———–

Under which of the following market structure AR of the firm will be equal to MR?

Under Monopolistic competition the cross elasticity of demand for the product of a single firm would be ———

When AR=Rs.10 and AC= Rs.8 the firm makes ———–

What are the conditions for the long run equilibrium of the competitive firm?

Kinked demand curve hypothesis is given by ———-

Supernormal profits occur, when ———–

Under perfect competition, the price line lies below the average cost curve, the firm would———-

The MR curve cuts the horizontal line between Y axis and demand curve into ————

Kinked demand curve is observed in ————-

Competitive firms in the long run earn ———-

For a monopolist, the necessary condition for equilibrium is —————-

A firm will shut down in the short run if ————-

———- is the price at which demand for a commodity is equal to its supply.

OPEC is an example of ————

———- is the ideal market.

Under which market situation demand curve is linear and parallel to X axis:

Which market have characteristic of product differentiation?

Which of these are characteristics of perfect competition .

The demand curve of oligopoly is ———–

MR curve= AR=Demand curve is a feature of which kind of market?

In the long run monopolist can —–

The demand curve of the firm and industry will be same in which form of market :

Oligopoly having identical products is ————–

Demand curve is equal to MR curve in which market?

Kinked demand hypothesis is designed to explain ——- in context of oligopoly.

Price discrimination can take place only in ————–

In oligopoly, the kink on the demand curve is more due to ———–