In _________ market goods are sold at uniform price.
Monopoly
Perfect Competition
Oligopoly
Duopoly
When would a perfectly competitive industry have a long run supply curve that slopes downwards?
If the industry has constant costs
If the industry has decreasing costs
If the industry has increasing costs
Never
In case of _________ market the policy of product differentiation is adopted by producers.
Imperfect Competition
Short Period
Very short Period
A monopolist will determine very ________ price for a commodity having inelastic demand.
High
Low
Normal
Constant
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
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
A firm can fix independent price under _________ market.
Pure Competition
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
Market of gold and silver is _________ market.
Long Period
Very long Period
International
In a perfectly competitive market ________ price of a commodity prevails.
Different
Uniform
Very high
Very low
