Description : in case of perfect competition a firm is: A. Price taker B. Independent C. Free to fire prices D. None of these
Last Answer : ANSWER: A
Description : Which of the following is a characteristic of pure monopoly? a. one seller of the product b. low barriers to entry c. close substitute products d. perfect informatio
Last Answer : a. one seller of the product
Description : As per the Competition Act, 2002, the sale of goods at a price, which is below the cost of production with a view to eliminate the competitors is called __________. a) predatory price b) preparatory price c) entry barrier price d) exit barrier price
Last Answer : a) predatory price
Description : One of the essential conditions of perfect competition is : (1) product differentiation (2) multiplicity of prices for identical products at any one time. (3) many sellers and a few buyers. (4) Only one price for identical goods at any one time.
Last Answer : (4) Only one price for identical goods at any one time. Explanation: The fundamental condition of perfect competition is that there must be a large number of sellers or firms. ... perfect competition, the control over price is completely eliminated because all firms produce homogeneous commodities.
Last Answer : Only one price for identical goods at any one time.
Description : Which of the following is/are the characteristic of a monopolistically competitive market (a) No restriction on exit and entry ; (b) Many sellers ; (c) Product differentiation ; (d) All the three
Last Answer : ; (d) All the three
Description : Competition-oriented pricing is: A)used when costs and revenues are considered secondary to competitors' prices. B)not useful as a method of increasing or maintaining market share. C)of little use if the competing products are homogenous. D)most often used when competing products are heterogeneous.
Last Answer : A)used when costs and revenues are considered secondary to competitors' prices.
Description : One of the essential conditions of Monopolistic competition is - (1) Many buyers but one seller (2) Price discrimination (3) Product differentiation (4) Homogeneous product
Last Answer : (3) Product differentiation Explanation: Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another as goods but not ... the market becomes more like a perfectly competitive one where firms cannot gain economic profit.
Description : One of the essential conditions of Monopolistic competition is (1) Many buyers but one seller (2) Price discrimination (3) Product differentiation (4) Homogeneous product
Last Answer : Product differentiation
Description : Which one of the following is not a feature of monopoly? (1) Single seller of the product (2) Heavy selling costs (3) Barriers to entry of new firms (4) Price discriminations
Last Answer : (2) Heavy selling costs Explanation: Heavy selling cost is one of the defining features of an oligopoly. Firms resort to heavy selling cost to attract customers. Under this market ... mainly by heavy advertising and promotional expenditure that ultimately adds to the total selling cost.
Description : Which one of the following is not a feature of monopoly ? (1) Single seller of the product (2) Heavy selling costs (3) Barriers to entry of new firms (4) Price discriminations
Last Answer : Heavy selling costs
Description : The Price taker firm is one which: A. Can influence market prices B. Cannot influence market prices C. Can fix prices D. None of these
Last Answer : ANSWER: B
Description : Which of them is a characteristic of a price taker (a) MR = Price ; (b) AR = MR ; (c) TR = PXQ ; (d) All the three
Last Answer : (d) All the three
Description : In the short run if the price is above the average total cost in a monopolistic competitive market, the firm makes (a) Profits and new firms join the market ; (b) Profit and bar entry to new firms; (c) Makes losses and exit the market ; (d) Quick profit and disappears
Last Answer : (a) Profits and new firms join the market ;
Description : Compared to the case of perfect competition, a monopolist is more likely to: a. charge a higher price b. produce a lower quantity of the product c. make a greater amount of economic profit d. all of the above
Last Answer : d. all of the above
Description : Under perfect competition, price of the product A.Can be controlled B.Cannot be controlled C.Can be controlled within certain limit D.None of the above
Last Answer : B.Cannot be controlled
Description : A firm that practices price competition engages in which one of the following strategies? A)Setting prices only as low as the second -lowest competitor B)Letting other firms cut price ... C)Competing in both price and product differentiation D)Beating or matching the prices of competitors
Last Answer : D)Beating or matching the prices of competitors
Description : A major characteristic of monopolistic competition is that prices will be _____.?
Last Answer : higher than in perfect competition
Description : The use of the multiplier: A)allows a seller to increase prices without the buyers' being aware of it.> B)determines totals for groups of items that are priced similarly.> C)allows the seller to ... )aids a supplier in keeping an accurate record of how many customers are purchasing a group of items.
Last Answer : C)allows the seller to change prices without having to issue new price sheets.
Description : There are 100 light bulbs lined up in a row in a long room. Each bulb has its own switch and is currently switched off. The room has an entry door and an exit door. There are 100 people ... And how many of the light bulbs are illuminated after the 100th person has passed through the room? -Riddles
Last Answer : First think who will operate each bulb, obviously person #2 will do all the even numbers, and say person #10 will operate all the bulbs that end in a zero. So who would operate for example bulb 48: Persons numbered: 1 & 48 ... 100 (1, 4, 9, 16, 25, 36, 49, 64, 81 & 100) hence 10 bulbs remain on.
Description : Same price prevails throughout the market under - (1) perfect competition (2) monopoly (3) monopolistic competition (4) oligopoly
Last Answer : (1) perfect competition Explanation: Under perfect competition, the control over price is completely eliminated because all firms produce homogeneous commodities. This condition ensures that the same price prevails in the market for the same commodity.
Description : In which of the following market forms, a firm does not exercise control over price? (1) Monopoly (2) Perfect competition (3) Oligopoly (4) Monopolistic competition
Last Answer : (2) Perfect competition Explanation: In perfect competition, the existence of a large number of firms producing and selling the product ensures that an individual firm exercises no influence over the price ... a position to influence the price of the product by the increasing or reducing its output.
Description : Price and output are determinates in market structure other than - (1) monopoly (2) perfect competition (3) oligopoly (4) monopsony
Last Answer : (2) perfect competition Explanation: Perfect competition is a form of market in which there are a large number of buyers and sellers competing with each other in the purchase and sale of goods ... 's output is perfectly elastic. Product differentiation holds the key in this type of market structure.
Description : Who are the price-takers under Perfect Competition?
Last Answer : Buyers
Description : Which of the following statement is true (a) In perfect competition Average and Marginal revenue are identical (b) In perfect competition Average and Marginal cost are identical (c) In perfect competition ... cost are identical (d) In perfect competition only normal profit can be earned by a firm
Last Answer : (a) In perfect competition Average and Marginal revenue are identical
Last Answer : Perfect competition
Description : Price and output are determinates in market structure other than (1) monopoly (2) perfect competition (3) oligopoly (4) monopsony
Last Answer : perfect competition
Description : Same price prevails throughout the market under (1) perfect competition (2) monopoly (3) monopolistic competition (4) oligopoly
Description : Marketers are in a better position to establish prices when: A)there is non-price competition. B)they know prices charged for competing brands. C)the main pricing objective is image building. D)they are using psychological pricing.
Last Answer : B)they know prices charged for competing brands.
Description : If Amstrad wants to focus its marketing efforts on price competition, the firm's long-runsuccess will depend on having: A)lower prices than its competition.B)lower prices than it has historically charged. C)a promotional campaign for lower prices. D)a lower cost structure than its competitors.
Last Answer : D)a lower cost structure than its competitors.
Description : To set the price of a new dictionary, Houghton Mifflin needs to know how many dictionaries can be sold at different prices. The dependent variable in this example would be: A)competition B)book publishers C)sales D)price E)consumers
Last Answer : C)sales
Description : How does the water changed between its entry and its exit of a leaf?
Last Answer : Need answer
Description : What type or Burn will cause both an entry and exit wound?
Last Answer : What is the answer ?
Description : The power required to drive a turbo compressor for a given pressure ratio decreases when A. Air is heated at entry B. Air is cooled at entry C. Air is cooled at exit D. Air is heated at exit
Last Answer : ANSWER : B
Description : The customs control is primarily exercised at a) The point of entry b) The point of exit c) Foreign post office d) All the above
Last Answer : d) All the above
Description : The six elements necessary for infection are a causative organism, a reservoir of available organisms, a portal or mode of exit from the reservoir, a mode of transmission from reservoir to host, a ... of transmission from reservoir to host, a susceptible host, and a mode of entry to host.
Last Answer : a) mode of entry to host. The six elements necessary for infection are a causative organism, a reservoir of available organisms, a portal or mode of exit from the reservoir, a mode of transmission from reservoir to host, a susceptible host, and a mode of entry to host.
Description : Which of the following is not decided in the test-planning phase? A. Schedules and deliverables B. Hardware and software C. Entry and exit criteria D. Types of test cases
Last Answer : D. Types of test cases
Description : A monopoly is characterized by (a) Limited entry and exit opportunity ; (b) Single supplier ; (c) Few customers ; (d) All the three
Last Answer : (a) Limited entry and exit opportunity ;
Description : Long-term equilibrium of an Industry under a perfectly market conditions in achieved when (a) All the firms are earning normal profit ; (b) All the firms are in equilibrium ; (c) There is no further entry or exit of firms from the industry ; (d) All the three
Description : Tooth paste is a product sold under : (1) Monopolistic Competition (2) Perfect Competition (3) Monopoly (4) Duopoly
Last Answer : (1) Monopolistic Competition Explanation: Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another as goods but not perfect substitutes ... (e) market power; and (f) Buyers and Sellers do not have perfect information.
Description : What type of competitive structure exists when a few sellers control a large portion of the supply of a product ? 1. Monopoly 2. Oligopoly 3. Mixed competition 4. Perfect competition 5. None of these
Last Answer : Oligopoly
Description : What type of competitive structure exists when a firm produces a product that has no close substitutes ? 1. Monopoly 2. Oligopoly 3. Perfect Competition 4. Mixed Competition 5. None of these
Last Answer : Monopoly
Description : What type of competitive structure exists when a few sellers control a large portion of the supply of a product? A)Monopoly B)Oligopoly C)Monopolistic Competition D)Mixed Competition E)Perfect Competition
Last Answer : B)Oligopoly
Description : What type of competitive structure exists when a firm produces a product that has no close substitutes? A)Monopoly B)Oligopoly C)Monopolistic Competition D)Perfect Competition E)Mixed Competition
Last Answer : A)Monopoly
Description : The market state that satisfy all the essential features of a perfect competitive market except identity of product is known as (a) Oligopoly ; (b) Duopoly ; (c) Monopoly ; (d) Monopolistic competition
Last Answer : (d) Monopolistic competition
Description : What do you mean by under conditions of perfect competition in the product market? a) MRP=VMP b) MRP>VMP c) VMP>MRP d) None of the above
Last Answer : Answer- a
Last Answer : Monopolistic Competition
Description : Under perfect competition, the industry does not have any excess capacity because each firm produces at the minimum point on its - (1) long-run marginal cost curve (2) long-run average cost curve (3) long-run average variable cost curve (4) long-run average revenue curve
Last Answer : (2) long-run average cost curve Explanation: Under perfect competition, the firms operate at the minimum point of long-run average cost curve. In this way, the actual longrun output of ... ideal output. This gives the mea-sure of excess capacity which lies unutilized under imperfect competition.
Description : Under which market conditions “products of the sellers are differentiated yet they are close substitutes of each other” ? (a) Monopolistic Competition (b) Monopoly (c) Perfect Competition (d) None of the above
Last Answer : (b) Monopoly
Description : Under perfect competition, the industry does not have any excess capacity because each firm produces at the minimum point on its?
Last Answer : Long run average cost curve