Question:

In the case of a perfectly competitive firm, the demand curve for product is

A.

Elastic

B.

unit elastic

C.

perfectly elastic

D.

perfectly inelastic

Answer» c. perfectly elastic

Question:

Oligopoly means _________

A.

Single seller

B.

few sellers

C.

large number of sellers

D.

no buyers

Answer» b. few sellers

Question:

Which of these would lead to fall in demand for money?

A.

Inflation

B.

Increase in Real Income

C.

Increase in Real Rate of Interest

D.

None of the above

Answer» c. Increase in Real Rate of Interest

Question:

Pricing for selling the same commodity at different selling prices is known as ______

A.

Skimming Pricing

B.

Differential Pricing

C.

Penetration Pricing

D.

Cost – Plus Pricing

Answer» b. Differential Pricing

Question:

Wealth was defined by

A.

Alfred Marshall

B.

Adam Smith

C.

Robbins

D.

Jacob

Answer» b. Adam Smith

Question:

The AR curve and industry demand curve are identical

A.

in case of monopoly

B.

in case of oligopoly

C.

in case of monopolistic competition

D.

in case of perfect competition

Answer» d. in case of perfect competition

Question:

In a perfect competition, a firm earns super normal profit when the AR of the firm _____ theACT of the firm.

A.

equals to

B.

exceeds

C.

is lower than

D.

neither exceeds nor is lower than

Answer» b. exceeds

Question:

A rational producer produces in that region where

A.

marginal physical product of the fixed input becomes negative

B.

marginal physical product of the variable input becomes negative

C.

marginal physical product of the fixed input becomes increasing

D.

marginal physical product of the variable input becomes declining

Answer» d. marginal physical product of the variable input becomes declining

Question:

Cartel is one form of

A.

Monopoly

B.

Duopoly

C.

collusive oligopoly

D.

non-collusive oligopoly

Answer» c. collusive oligopoly

Question:

Money market is controlled by the ___________

A.

RBI

B.

Government

C.

IDBI

D.

IMF

Answer» a. RBI