In a perfectly competitive market ________ price of a commodity prevails.
Different
Uniform
Very high
Very low
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
The demand curve of monopoly is
Inelastic
Elastic
Perfectly Elastic
Perfectly Inelastic
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 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
In ________ market there are two sellers of the commodity.
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
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
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