The monopoly firm is a
Price taker
Price maker
Both a & b
Neither a nor b
The simplest form of oligopoly is
Monopoly
Duopoly
Monopsony
Oligopoly
Pure competition is a situation in which a commodity sells a
Higher price
A lower price
A uniform price
Price
Which of the following conditions exist under both pure and perfect competition ?
Homogenous product
Single buyer or seller
Differentiated product
Large number of buyers and sellers
Product homogenity is a feature of
Imperfect competition
Perfect competition
Monopolistic competition
The demand curve facing an oligopolist is
Determinate
Indeterminate
Definite
Indefinite
Who determine price of a commodity under perfect competition ?
Market forces
Firm
Buyer
Seller
The demand curve facing a seller under monopolistic competition is
Horizontal straight line
Upward sloping
Downward sloping
None of these
A firm under perfect competition is
A price leader
A price taker
A price maker
The demand curve of the monopolist is
A vertical straight line
Upward sloping straight line
Downward sloping straight line
Positive sloping
