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 case of _________ market the policy of product differentiation is adopted by producers.
Perfect Competition
Imperfect Competition
Very short Period
In _________ market goods are sold at uniform price.
Monopoly
Oligopoly
Duopoly
Which of the following statements about price taker is false?
They include monopolistic competitors and monopolists
They can always raise their prices and still retain some customers
They may set different prices in the short run and in the long run
We do not analyse them using diagrams with supply and demand curve
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
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
In ________ market there are two sellers of the commodity.
Suppose a country uses its resources in a pareto - efficient way - which of the following statements is true?
There might be inefficiency in production
There might be inefficiency in consumption
It might be possible to make one person better off without making another person worse off
There might be considerable inequality of income among the country's citizens
In a perfectly competitive market ________ price of a commodity prevails.
Different
Uniform
Very high
Very low
