Question:

The marker structure with Perfect knowledge is called

A.

Perfect competition

B.

Monopoly

C.

Monopolistic competition

D.

Oligopoly

Answer» a. Perfect competition

Question:

A market with only one buyer and one seller is called

A.

Oligopsony

B.

monopsony

C.

Bilateral monopoly

D.

None

Answer» c. Bilateral monopoly

Question:

If an additional worker costs you Rs. 15 per hour, and that person can add 25 units of output to the firm, you should hire that person as long as

A.

25 remains above rs.15

B.

25/rs.15 is greater than zero

C.

rs.15/25 is great than zero

D.

the value of the marginal product is above rs.15 …………………….

Answer» d. the value of the marginal product is above rs.15 …………………….

Question:

A nondiscriminating monopolist will find that marginal revenue:

A.

exceeds average revenue or price.

B.

is identical to price.

C.

is sometimes greater and sometimes less than price.

D.

is less than average revenue or price.

Answer» d. is less than average revenue or price.

Question:

At the best, or optimum, short-run level of output, the firm will be

A.

maximizing total profits

B.

minimizing total losses

C.

either maximizing total profits or minimizing total losses

D.

maximizing profits per unit.

Answer» c. either maximizing total profits or minimizing total losses