(A) There might be inefficiency in production

(B)There might be inefficiency in consumption

(C) It might be possible to make one person better off without making another person worse off

(D)There might be considerable inequality of income among the country's citizens

(A) Inelastic

(B)Elastic

(C)Perfectly Elastic

(D) Perfectly Inelastic

(A) Firms in these industries may attempt to cooperate

(B)The fact that there is more than one firm in an monopoly means that there are no barriers to entry

(C)The fact that there is more than one firm in an oligopoly means that there are no barriers to entry

(D)An oligopoly with two firms is called a duopoly

(A) It faces a downward sloping demand curve

(B) It demand curve , and those for its competitor, may all be in different positions

(C) 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

(D)It supply curve is part of its marginal cost curve

(A) Price leadership is a form of tacit collusion

(B)With dominant price leadership the leader in an industry is the biggest firm

(C) With barometric price leadership the leader may change even if the relative size of each firm stays the same

(D)Price leadership breaks down if input prices or demand conditions change

(A) It means that a market economy will fail to secure economic efficiency

(B)It means that a market economy will fail to secure Pareto - efficiency

(C)It means that a market economy will fail to secure productive efficiency

(D)It means that a market economy will fail to secure technical efficiency

(A) Very short Period

(B)Short Period

(C)Long Period

(D)Very long Period

(A) Perfect Competition

(B) Imperfect Competition

(C)Short Period

(D)Very short Period

(A) Perfect Competition

(B)Monopoly

(C) Duopoly

(D)Oligopoly

(A) Perfect Competition

(B)Pure Competition

(C)Imperfect Competition

(D)Monopoly