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- Which of the following most closely approximates our definition of oligopoly ?
- the cigarette industry
- the barber shops
- the gasoline stations
- wheat farmers
- One of the essential conditions of perfect competition is :
- product differentiation
- multiplicity of prices for identical products at any one time
- many sellers and a few buyers
- only one price for identical goods at any one time
- The theory of distribution relates to which of the following ?
- the distribution of assets
- the distribution of income
- the distribution of factor payments
- equality in the distribution of the income and wealth
- If an industry is characterized by economies of scale then
- barriers to entry are not very large
- long run unit costs of production decreases as the quantity the firm produces increases
- capital requirement are small due to the efficiency of the large scale operation
- the costs of entry into the market are likely to be substantial
- Movement along the same demand curve is known as
- extension and contraction of demand
- increase and decrease of demand
- contraction of supply
- increase of supply
- When there is a change in demand leading to a shift of the Demand Curve to the right, at the same price as before, the quantity demanded will
- decrease
- increase
- remain the same
- contract
- The income elasticity of demand being greater than one, the commodity must be
- a necessity
- a luxury
- an inferior good
- none of these
- When there is one buyer and many sellers then that situation is called
- monopoly
- single buyer right
- down right
- double buyers right
- The measure of a worker's real wage is
- the change in his productivity over a given time
- his earnings after deduction at source
- his daily earnings
- the purchasing power of his earnings
- Average Revenue means
- the revenue per unit of commodity sold
- the revenue from all commodities sold
- the profit realized from the marginal unit sold
- the profit realized by sale of all commodities
- Economic rent refers to
- payment made for the use of labour
- payment made for the use of capital
- payment made for the use of organization
- payment made for the use of land
- If the price of an inferior good falls, its demand
- rises
- falls
- remains constant
- can be any of the above
- The Marginal Utility Curve slopes downward from left to right indicating
- a direct relationship between marginal utility and the stock of commodity
- a constant relationship between marginal utility and the stock of commodithy
- a proportionate relationship between marginal utility and the stock of commodity
- an inverse relationship between marginal utility and the stock of commodity
- In equilibrium, a perfectly competitive firm will equate
- marginal social cost with marginal social benefit
- market supply with market demand
- marginal profit with marginal cost
- marginal revenue with marginal cost
- Equilibrium is a condition that can
- never change
- change only if some outside factor changes
- change only if some internal factor changes
- change only if government policies change
- Entrepreneurial ability is a special kind of labour that
- is hired out to firms at high wages
- organizes the process of production
- produces new capital goods to earn interest
- manages to avoid losses by continual innovation
- Transfer earning or alternative cost is otherwise known as
- variable cost
- implicit cost
- explicit cost
- opportunity cost (economic cost)
- Demand of commodity mainly depends upon ____________
- purchasing will
- purchasing power
- tax policy
- advertisement
- Equilibrium price means
- price determined by demand and supply
- price determined by cost and profit
- price determined by cost of production
- price determined to maximize profit
- When marginal utility is zero, the total utility is
- minimum
- increasing
- maximum
- decreasing
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