Classifying market as open market and black market is based upon
Competition
Time Period
Legality
Area
Which of the following statements is the correct definition of market failure?
It means that a market economy will fail to secure economic efficiency
It means that a market economy will fail to secure Pareto - efficiency
It means that a market economy will fail to secure productive efficiency
It means that a market economy will fail to secure technical efficiency
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
What is the definition of a Nash Equilibrium?
A situation where each player adopts their dominant strategy
A situation where each player adopts the best strategy for them , given the strategy adopted by the other
A situation where the combined pay offs of the players is the maximum possible
The outcome that will arise in a game
In _________ market goods are sold at uniform price.
Monopoly
Perfect Competition
Oligopoly
Duopoly
Market of gold and silver is _________ market.
Short Period
Long Period
Very long Period
International
Which of the following statement about price leadership is false?
Price leadership is a form of tacit collusion
With dominant price leadership the leader in an industry is the biggest firm
With barometric price leadership the leader may change even if the relative size of each firm stays the same
Price leadership breaks down if input prices or demand conditions change
A firm can fix independent price under _________ market.
Pure Competition
Imperfect Competition
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 case of _________ market the policy of product differentiation is adopted by producers.
Very short Period
