Which of the following statements about industries that are oligopolies is false?
Firms in these industries may attempt to cooperate
Firms in these industries are interdependent
The fact that there is more than one firm in an oligopoly means that there are no barriers to entry
An oligopoly with two firms is called a duopoly
Which of the following statements about the market supply curve for a product is false?
The market supply curve represents the individual supply curves of all firms which produce the product added together
The market supply curve may shift if there is a change in the behaviour of some firms which produce the product
The market supply curve may shift if there is change in the price of the product
The market supply curve may shift if there is a change in the number of firms which supply the product
In a perfectly competitive market ________ price of a commodity prevails.
Different
Uniform
Very high
Very low
Classifying market as open market and black market is based upon
Competition
Time Period
Legality
Area
Market of gold and silver is _________ market.
Short Period
Long Period
Very long Period
International
In _________ market goods are sold at uniform price.
Monopoly
Perfect Competition
Oligopoly
Duopoly
Which of the following statements about a monopolistic competitor is false?
It faces a downward sloping demand curve
It demand curve , and those for its competitor, may all be in different positions
Its will produces at the output where it MR and SMC curves intersect, provided it would make either a profit or a loss that was less than its total fixed cost
It supply curve is part of its marginal cost curve
The demand curve of monopoly is
Inelastic
Elastic
Perfectly Elastic
Perfectly Inelastic
Which of the following statements about a firm which is a price taker is false?
The firm will sell its product at the going market price
The demand curve faced by the firm is downward sloping
The demand curve faced by the firm is horizontal even though the market demand curve is downward sloping
The firm would sell nothing if it set a higher price than the market price
In ________ market there are two sellers of the commodity.
