In case of perfect competition: A. P = AR > MR B. P = AR = MR C. P = AR < MR D. None of these

In case of perfect competition: A. P = AR > MR B. P = AR = MR C. P = AR < MR D. None of these
by

1 Answer

Answer :

ANSWER: B
by
selected

Related questions

In the case of monopolistic competition A.MR curve cannot be defined B.AR curve cannot be defined C.The short run supply curve cannot be defined D.None of the above

Description : In the case of monopolistic competition A.MR curve cannot be defined B.AR curve cannot be defined C.The short run supply curve cannot be defined D.None of the above

Last Answer : C.The short run supply curve cannot be defined

In short run a monopolistic competition firm will be in equilibrium where (a) MR = curve intersect SMC curve from above (b) MR curve intersect SMC curve from below (c) MC = AR ; (d) MR curve intersect SMC from below and P is equal to or more than AVC

Description : In short run a monopolistic competition firm will be in equilibrium where (a) MR = curve intersect SMC curve from above (b) MR curve intersect SMC curve from below (c) MC = AR ; (d) MR curve intersect SMC from below and P is equal to or more than AVC

Last Answer : ; (d) MR curve intersect SMC from below and P is equal to or more than AVC

Which one is not normally possible in case of monopoly?A.MC = MR B.AC = AR C.MR = AR D.MR = P

Description : Which one is not normally possible in case of monopoly? A.MC = MR B.AC = AR C.MR = AR D.MR = P

Last Answer : C.MR = AR

Under perfect market conditions the supply curve of a firm is represented by (a) MC curve ; (b) MR curve ; (c) AR curve ; (d) AC curve

Description : Under perfect market conditions the supply curve of a firm is represented by (a) MC curve ; (b) MR curve ; (c) AR curve ; (d) AC curve 

Last Answer : (a) MC curve ; 

The degree of Monopoly power can be measured by the formula : (a) (P – MC) / P (b) AR / (AR – MR) (c) MR / (AR – MR) (d) MC / (AR – MR)

Description : The degree of Monopoly power can be measured by the formula : (a) (P – MC) / P (b) AR / (AR – MR) (c) MR / (AR – MR) (d) MC / (AR – MR)

Last Answer : (a) (P – MC) / P

in case of perfect competition a firm is: A. Price taker B. Independent C. Free to fire prices D. None of these

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

Selling cost have to be incurred in case of - (1) Perfect Competition (2) Monopoly (3) Monopolistic Competition (4) None of the given options

Description : Selling cost have to be incurred in case of - (1) Perfect Competition (2) Monopoly (3) Monopolistic Competition (4) None of the given options

Last Answer : (3) Monopolistic Competition Explanation: Selling costs are the expenses on advertisement, salesmanship, free sampling, free service, door-todoor canvassing, and so on. There is no selling problem under ... . They are incurred to persuade a buyer to purchase one product in preference to another.

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

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

Selling costs have to be incurred in case of A.Perfect competition B.Monopolistic competition C.Imperfect competition D.None

Description : Selling costs have to be incurred in case of A.Perfect competition B.Monopolistic competition C.Imperfect competition D.None

Last Answer : B.Monopolistic competition

Selling cost have to be incurred in case of (1) Perfect Competition (2) Monopoly (3) Monopolistic Competition (4) None of the given options

Description : Selling cost have to be incurred in case of (1) Perfect Competition (2) Monopoly (3) Monopolistic Competition (4) None of the given options

Last Answer : Monopolistic Competition 

The relationship between elasticity of demand (e), Average Revenue (AR) and Marginal Revenue (MR) is shown by which of the following formula ? (a) e = MR / (AR – MR) (b) e = AR/MR (c) e = MR/AR (d) e = AR / (AR – MR)

Description : The relationship between elasticity of demand (e), Average Revenue (AR) and Marginal Revenue (MR) is shown by which of the following formula ? (a) e = MR / (AR – MR) (b) e = AR/MR (c) e = MR/AR (d) e = AR / (AR – MR)

Last Answer : (d) e = AR / (AR – MR)

For getting total revenue, the formula is (a) TR/Q (b) MR+Q © AR/Q (d) AR X Q

Description : For getting total revenue, the formula is (a) TR/Q (b) MR+Q © AR/Q (d) AR X Q

Last Answer : (d) AR X Q

For a monopoly firm the MR Curve (a) Overlaps AR curve ; (b) Is above the AR curve ; (c) Lies half way between AR curve and the Y axis ; (d) Is same as AR curve

Description : For a monopoly firm the MR Curve (a) Overlaps AR curve ; (b) Is above the AR curve ; (c) Lies half way between AR curve and the Y axis ; (d) Is same as AR curve

Last Answer : (c) Lies half way between AR curve and the Y axis ;

Which of the following statement is true (a) For a monopoly firm AR can be zero (b) For a monopoly firm MR can be zero or even negative (c) For monopoly firm MR and AR are identical (d) For a monopoly firm MR and AR are positive sloped

Description : Which of the following statement is true (a) For a monopoly firm AR can be zero (b) For a monopoly firm MR can be zero or even negative (c) For monopoly firm MR and AR are identical (d) For a monopoly firm MR and AR are positive sloped

Last Answer : (b) For a monopoly firm MR can be zero or even negative 

Which of them is a characteristic of a price taker (a) MR = Price ; (b) AR = MR ; (c) TR = PXQ ; (d) All the three

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 

A competitive firm maximizes its total profit when ……………… (a) Average cost equal average realization ; (b) Marginal cost equals Price; (d) Total revenue is the maximum ; (d) MR = AR

Description : A competitive firm maximizes its total profit when ……………… (a) Average cost equal average realization ; (b) Marginal cost equals Price; (d) Total revenue is the maximum ; (d) MR = AR

Last Answer : (d) Total revenue is the maximum ;

Which is the main difference between perfect competition and monopolistic competition?

Description : Which is the main difference between perfect competition and monopolistic competition?

Last Answer : In monopolistic competition, sellers can profit from the differences between their products and other products.

Which of the following is not a condition for perfect competition?

Description : Which of the following is not a condition for perfect competition?

Last Answer : Sellers offer a wide variety of products

Under perfect competition market, maximum profit is obtained when

Description : Under perfect competition market, maximum profit is obtained when

Last Answer : Ans. Marginal Return = Marginal Cost

Which of the following is not characteristic of perfect competition? A. Heterogeneous Product B. Each seller is a price taker C. Freedom of entry and exit D. Perfect information about Prices

Description : Which of the following is not characteristic of perfect competition? A. Heterogeneous Product B. Each seller is a price taker C. Freedom of entry and exit D. Perfect information about Prices

Last Answer : ANSWER: A

Extreme forms of markets are - (1) Perfect competition; Oligopoly (2) Oligopoly; Monopoly (3) Perfect competition; Monopoly (4) Perfect competition; Monopolistic competition

Description : Extreme forms of markets are - (1) Perfect competition; Oligopoly (2) Oligopoly; Monopoly (3) Perfect competition; Monopoly (4) Perfect competition; Monopolistic competition

Last Answer : (3) Perfect competition; Monopoly Explanation: There are two extreme forms of market structure: monopoly and, its opposite, perfect competition. Perfect competition is characterized by many buyers and sellers, ... is a market structure in which there is only one producer/ seller for a product.

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.

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.

Tooth paste is a product sold under : (1) Monopolistic Competition (2) Perfect Competition (3) Monopoly (4) Duopoly

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.

Perfect competition means - (1) large number of buyers and less sellers (2) large number of buyers and sellers (3) large number of sellers and less buyers (4) None of these

Description : Perfect competition means - (1) large number of buyers and less sellers (2) large number of buyers and sellers (3) large number of sellers and less buyers (4) None of these

Last Answer : (2) large number of buyers and sellers Explanation: The fundamental condition of perfect competition is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition of a perfect market.

Under Perfect Competition - (1) Marginal Revenue is less than the Average Revenue (2) Average Revenue is less than the Marginal Revenue (3) Average Revenue is equal to the Marginal Revenue (4) Average Revenue is more than the Marginal Revenue

Description : Under Perfect Competition - (1) Marginal Revenue is less than the Average Revenue (2) Average Revenue is less than the Marginal Revenue (3) Average Revenue is equal to the Marginal Revenue (4) Average Revenue is more than the Marginal Revenue

Last Answer : (3) Average Revenue is equal to the Marginal Revenue Explanation: Perfect competition describes markets such that no participants are large enough to have the market power to set the price of a homogeneous ... , as output will always occur where marginal cost is equal to marginal revenue (MC=MR).

A situation of large number of firms producing similar goods is termed as : (1) Perfect competition (2) Monopolistic competition (3) Pure competition (4) Oligopoly

Description : A situation of large number of firms producing similar goods is termed as : (1) Perfect competition (2) Monopolistic competition (3) Pure competition (4) Oligopoly

Last Answer : (1) Perfect competition Explanation: The fundamental condition of perfect competition • is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition of a perfect market. The products of all firms in the industry are homogeneous and identical.

Same price prevails throughout the market under - (1) perfect competition (2) monopoly (3) monopolistic competition (4) oligopoly

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.

The equilibrium of a firm under perfect competition will be determined when - (1) Marginal Revenue > Average Cost (2) Marginal Revenue > Average Revenue (3) Marginal Revenue = Marginal Cost (4) Marginal Cost > Average Cost

Description : The equilibrium of a firm under perfect competition will be determined when - (1) Marginal Revenue > Average Cost (2) Marginal Revenue > Average Revenue (3) Marginal Revenue = Marginal Cost (4) Marginal Cost > Average Cost

Last Answer : (3) Marginal Revenue = Marginal Cost Explanation: 173. (3) When the marginal revenue productivity of a factor is equal to the marginal- cost (MR=MC) of the factor, the firm will be in ... revenue and marginal revenue (P = AR = MR) is the standard condition for a perfectly competitive firm.

Inwhich market structure is the demand curve of the market represented by the demand curve of the firm? (1) Monopoly (2) Oligopoly (3) Duopoly (4) Perfect Competition

Description : Inwhich market structure is the demand curve of the market represented by the demand curve of the firm? (1) Monopoly (2) Oligopoly (3) Duopoly (4) Perfect Competition

Last Answer : (1) Monopoly Explanation: Because the monopolist is the market's only supplier, the demand curve the monopolist faces is the market demand curve. The market demand curve is downward sloping, ... expect to receive for its output will not remain constant as the monopolist increases its output.

Different firms constituting the industry, produce homogeneous goods under (1) monopoly (2) monopolistic competition (3) oligopoly (4) perfect competition

Description : Different firms constituting the industry, produce homogeneous goods under (1) monopoly (2) monopolistic competition (3) oligopoly (4) perfect competition

Last Answer : (4) perfect competition Explanation: The fundamental condition of perfect competition is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition ... are homogeneous and identical. In other words, they are perfect substitutes for one another.

Under which market condition do firms have excess capacity? (1) Perfect compettion (2) Monopolistic competition (3) Duopoly (4) Oligopoly

Description : Under which market condition do firms have excess capacity? (1) Perfect compettion (2) Monopolistic competition (3) Duopoly (4) Oligopoly

Last Answer : (2) Monopolistic competition Explanation: Unlike a perfectly competitive firm, a monopolistically competitive firm ends up choosing a level of output that is below its minimum efficient scale. When ... This excess capacity is the major social cost of a mo-nopolistically competitive market structure.

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

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.

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

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.

Buyers and Sellers will have perfect knowledge of market conditions under - (1) Duopoly (2) Perfect competition (3) Monopolistic competition (4) Oligopoly

Description : Buyers and Sellers will have perfect knowledge of market conditions under - (1) Duopoly (2) Perfect competition (3) Monopolistic competition (4) Oligopoly

Last Answer : (1) Duopoly Explanation: Complete market information is one of the main features of Perfect Competition. This condition implies close contact between buyers and sellers. Both of them possess complete knowledge ... being bought and sold, and the prices at which others are prepared to buy or sell.

Demand curve of a firm under perfect competition is : (1) horizontal to ox-axis (2) negatively sloped (3) positively sloped (4) U - shaped

Description : Demand curve of a firm under perfect competition is : (1) horizontal to ox-axis (2) negatively sloped (3) positively sloped (4) U - shaped

Last Answer : (1) horizontal to ox-axis Explanation: Under Perfect Competition, the firm faces a horizontal demand curve. It can sell any quantity desired at the market price, but cannot sell anything above the market price.

The situation in which total Revenues equals total cost, is known as : (1) Monopolistic competition (2) Equilibrium level of output. (3) Break even point (4) Perfect competition

Description : The situation in which total Revenues equals total cost, is known as : (1) Monopolistic competition (2) Equilibrium level of output. (3) Break even point (4) Perfect competition

Last Answer : (3) Break even point Explanation: In economics and cost accounting, the break-even point (BEP) is the point at which cost or expenses and revenue are equal: there is no net loss or gain, and one has "broken even."

The situation in which total revenue is equal to total cost, is known as - (1) monopolistic competition (2) equilibrium level of output (3) break-even point (4) perfect competition

Description : The situation in which total revenue is equal to total cost, is known as - (1) monopolistic competition (2) equilibrium level of output (3) break-even point (4) perfect competition

Last Answer : (3) break-even point Explanation: In economics and cost accounting, the break-even point (BEP) is the point at which cost or expenses and revenue are equal: there is no net loss or ... made, although opportunity costs have been "paid", and capital has received the riskadjusted, expected return.

Price and output are determinates in market structure other than - (1) monopoly (2) perfect competition (3) oligopoly (4) monopsony

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.

The type of competitive structure that exists when a firm with many potential competitors attempts to develop a differential marketing strategy to establish its own market share is 1. mixed competition 2. oligopoly 3. monopolistic competition 4. perfect competition 5. none of these

Description : The type of competitive structure that exists when a firm with many potential competitors attempts to develop a differential marketing strategy to establish its own market share is 1. mixed competition 2. oligopoly 3. monopolistic competition 4. perfect competition 5. none of these

Last Answer : perfect competition

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

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

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

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

The term group equilibrium is related to A.Monopolistic competition B.Oligopoly C.Duopoly D.Perfect competition

Description : The term group equilibrium is related to A.Monopolistic competition B.Oligopoly C.Duopoly D.Perfect competition

Last Answer : A.Monopolistic competition

situation in which the number of competing firms is relatively small is known as A.Monopoly B.Perfect competition C.Monopsony D.Oligopoly

Description : situation in which the number of competing firms is relatively small is known as A.Monopoly B.Perfect competition C.Monopsony D.Oligopoly

Last Answer : D.Oligopoly

The term group equilibrium is related to A.Monopolistic competition B.Oligopoly C.Duopoly D.Perfect competition

Description : The term group equilibrium is related to A.Monopolistic competition B.Oligopoly C.Duopoly D.Perfect competition

Last Answer : A.Monopolistic competition

A situation in which the number of competing firms is relatively small is known as A.Monopoly B.Perfect competition C.Monopsony D.Oligopoly

Description : A situation in which the number of competing firms is relatively small is known as A.Monopoly B.Perfect competition C.Monopsony D.Oligopoly

Last Answer : D.Oligopoly

A situation in which the number of competing firms is relatively small is known as A.Monopoly B.Perfect competition C.Monopsony D.Oligopoly

Description : A situation in which the number of competing firms is relatively small is known as A.Monopoly B.Perfect competition C.Monopsony D.Oligopoly

Last Answer : D.Oligopoly

A situation where there is only one buyer is called A.Monopoly B.Oligopoly C.Monopsony D.Perfect competition

Description : A situation where there is only one buyer is called A.Monopoly B.Oligopoly C.Monopsony D.Perfect competition

Last Answer : C.Monopsony

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

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

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

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

Which of the following is true to Euler’s theorem of factor pricing ? (a) Constant return to scale (b) Static and risk free economy (c) Perfect competition (d) All of the above

Description : Which of the following is true to Euler’s theorem of factor pricing ? (a) Constant return to scale (b) Static and risk free economy (c) Perfect competition (d) All of the above

Last Answer : (d) All of the above