Description : The theory of monopolistic competition has been formulated in the United States of America by - (1) Joan Robinson (2) Edward Chamberlin (3) John Bates Clark (4) Joseph Schumpeter
Last Answer : (2) Edward Chamberlin Explanation: In treatments of monopolistic competition, Edward Chamberlin and Joan Robinson are usually credited with simultaneously and independently developing the theory of monopolistic ... can be regarded as the parents of the modern study of imperfect competition.
Description : The innovation theory of profit was proposed by - (1) Marshall (2) Clark (3) Schumpeter (4) Joan Robbinson
Last Answer : (3) Schumpeter Explanation: The Innovation Theory of Profit was proposed by Joseph. A. Schumpeter, who believed that an entrepreneur can earn economic profits by introducing successful innovations. In ... to introduce innovations and the profit in the form of reward is given for his performance.
Description : The innovation theory of profit was proposed by (1) Marshall (2) Clark (3) Schumpeter (4) Joan Robbinson
Last Answer : Schumpeter
Description : By whom was the autonomous investment separated from induced investment? (1) Schumpeter (2) Malthus (3) Joan Robinson (4) Adam Smith
Last Answer : (1) Schumpeter Explanation: Under his concept of creative destruction, Schunipeter distinguished between two types of investment that he called induced and autonomous. Induced investment arose from the ... Saving up constituted the part of out-put that is withheld from investment and consumption.
Description : By whom was the autonomous investment separated from induced investment ? (1) Schumpeter (2) Malthus (3) Joan Robinson (4) Adam Smith
Description : Who developed the innovations theory of profit? (1) Walker (2) Clark (3) Knight (4) Schumpeter
Last Answer : (4) Schumpeter Explanation: Joseph Alois Schumpeter (1883- 1950) was Austrian-born American economist and social scientist. He did important early analyses of business cycles and economic growth. He ... (1942), he argued that capitalism would naturally evolve into socialism through its very success.
Description : Who propounded Dynamic Theory of profit? (1) Clark (2) Schumpeter (3) Knight (4) Hawly
Last Answer : (1) Clark Explanation: Dynamic Theory of Profit is associated with the name of an American Economist J. B. Clark. In the world of reality, according to J. B. Clark profit arises only in a dynamic economy.
Description : Who developed the innovations theory of profit ? (1) Walker (2) Clark (3) Knight (4) Schumpeter
Description : Who propounded Dynamic Theory of profit ? (1) Clark (2) Schumpeter (3) Knight (4) Hawly
Last Answer : Clark
Description : Theory of Demographic Transition is propounded by (a) Malthus (b) Karl Marx (c) Thompson and Notestein (d) Mrs. Joan Robinson
Last Answer : (a) Malthus
Description : Imperfect competition was introduced by A.Marshall B.Chamberlin C.Keynes D.None
Last Answer : B.Chamberlin
Description : Which economist stated the positive impact of monopoly? A.Marshall B.Adam Smith C.Joseph Schumpeter D.Pigou
Last Answer : C.Joseph Schumpeter
Description : The Ability Principle of Taxation is given by - (1) Adam Smith (2) Edgeworth (3) Joan Robinson (4) J.S.Mill
Last Answer : (1) Adam Smith Explanation: The 'Ability-to-Pay' principle of Taxation is one of the canons of taxation proposed by Adam Smith in his 'Wealth of Nations.' It is a progressive taxation principle ... to pay of an individual or group. The emphasis in this approach is put on redistribution of income.
Description : The Ability Principle of Taxation is given by (1) Adam Smith (2) Edgeworth (3) Joan Robinson (4) J.S.Mill
Last Answer : Adam Smith
Description : Who propounded the Innovation theory of profits? (1) J.A. Schumpeter (2) P.A. Samuelson (3) Alfred Marshall (4) David Ricardo.
Last Answer : (1) J.A. Schumpeter Explanation: Schumpeter's (1934) original theory of innovative profits emphasized the role of entrepreneurship (his term was entrepreneurial profits) and the ... innovation, in which independent inventors typically fed discoveries as potential inputs to entrepreneurial firms.
Description : Who propounded the theory of unlimited supply of labour ? (a) Schumpeter (b) Rosestien Rodan (c) Mill (d) Lewis
Last Answer : (d) Lewis
Description : Who propounded the Innovation theory of profits ? (1) J.A. Schumpeter (2) P.A. Samuelson (3) Alfred Marshall (4) David Ricardo
Last Answer : J.A. Schumpeter
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.
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.
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 : 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.
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 : 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 : 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.
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.
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 : Product differentiation is the most important feature of - (1) Pure competition (2) monopolistic competition (3) monopoly (4) oligopoly
Last Answer : (2) monopolistic competition Explanation: There are six characteristics of monopolistic com-petition (MC): (1) Product differentiation; (2) many firms; (3) Free entry and exit in the long run; (4) ... decision making; (e) market power; and (0 Buyers and Sellers do not. have perfect information.
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.
Description : The sale of branded articles is common in a situation of - (1) excess capacity (2) monopolistic competition (3) monopoly (4) pure competition
Last Answer : (2) monopolistic competition Explanation: Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by ... competition include restaurants, cereal, clothing, shoes, and service industries in large cities.
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."
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.
Description : The term group equilibrium is related to A.Monopolistic competition B.Oligopoly C.Duopoly D.Perfect competition
Last Answer : A.Monopolistic competition
Description : Which type of competition leads to exploitation of consumer? A.Oligopoly B.Monopolistic competition C.Monopoly D.All of the above
Last Answer : D.All of the above
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
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
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 : If the total production in an economy is produced by “a few big firms” than this market is known as (a) Monopolistic Competition (b) Duopoly (c) Oligopoly (d) Discriminating Monopoly
Last Answer : (b) Duopoly
Description : If the total production in an economy for a product is produced by a few big firms, then this market is known as : (a) Monopolistic Competition (b) Oligopoly (c) Duopoly (d) Discriminating Monopoly
Last Answer : Oligopoly
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
Last Answer : Perfect competition
Description : Buyers and Sellers will have perfect knowledge of market conditions under (1) Duopoly (2) Perfect competition (3) Monopolistic competition (4) Oligopoly
Last Answer : Duopoly
Description : The sale of branded articles is common in a situation of (1) excess capacity (2) monopolistic competition (3) monopoly (4) pure competition
Last Answer : 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 : Perfect competition; Monopoly
Description : Same price prevails throughout the market under (1) perfect competition (2) monopoly (3) monopolistic competition (4) oligopoly
Last Answer : perfect competition
Description : Product differentiation is the most important feature of (1) pure competition (2) monopolistic competition (3) monopoly (4) oligopoly
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 : break-even point