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 : 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 : Under which market condition do firms have excess capacity? (1) Perfect competition (2) Monopolistic competition (3) Duopoly (4) Oligopoly
Last Answer : Monopolistic competition
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
Description : …………….. may start a price war in order to grab a larger share of market (a) Oligopoly ; (b) Duopolies ; (c) Monopolist ; (d) Monopolistic competition
Last Answer : (a) Oligopoly
Description : In the short run an oligopolistic firm will (a) Make profits ; (b) Incur losses ; (c) Just break even ; (d) Any of these three are possible
Last Answer : (d) Any of these three are possible
Description : Which of these is associated with a monopolistic competitive market – (a) Product differentiation ; (b) Homogeneous Product ; (c) Normal in short run; (d) Single buyer
Last Answer : (c) Normal in short run;
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 : In the long run a firm in perfect competition earns (a) Normal profit only ; (b) Abnormal profit ; (c) Average profit of past five years; (d) 12.33% profit on capital employed
Last Answer : (a) Normal profit only ;
Description : The demand curve of a Monopoly firm is – (a) Same that of a firm in a perfect competition ; (b) Same as that of the total market demand; (c) Non-exist ; (d) Perfectly elastic
Last Answer : (b) Same as that of the total market demand;
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 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 : long-run average cost curve
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 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 : 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 : 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 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
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 : 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: A)Monopoly B)Oligopoly C)Monopolistic Competition D)Perfect Competition
Last Answer : C)Monopolistic Competition
Description : In the beer industry, a few large brewers supply the majority of the market. The brewing industry is an example of which of the following competitive structures: A)Monopoly B)Oligopoly C)Monopolistic Competition D)Perfect Competition E)Monopsony
Last Answer : B)Oligopoly
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 : Same price prevails throughout the market under (1) perfect competition (2) monopoly (3) monopolistic competition (4) oligopoly
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
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 : 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
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.
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 : 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 : 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 : 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 : 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
Description : Mixed concrete cannot be shipped further than 25 miles because the concrete might harden in the truck. Antrim County Concrete Company is the only supplier of mixed concrete within a 30 ... structures: A)Monopoly B)Oligopoly C)Monopolistic Competition D)Perfect Competition E)Monopsony
Last Answer : A)Monopoly
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
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
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 : 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
Description : If an economy is working at a point left to PPF curve it shows that……… (a) The economy is working at less than the full employment level ; (b) The economy is at full employment level ; (c) The economy is country is faced with excess production ; (d) There is glut of imports
Last Answer : (a) The economy is working at less than the full employment level ;
Description : Total profit of a firm in a perfect competitive market is – (a) Total revenue less total cost ; (b) Marginal revenue less marginal cost; (c) Total revenue less marginal cost ; (d) Total revenue less variable cost
Last Answer : (a) Total revenue less total cost ;