The demand curve of monopoly is
Inelastic
Elastic
Perfectly Elastic
Perfectly Inelastic
Market of gold and silver is _________ market.
Short Period
Long Period
Very long Period
International
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
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 _________ market goods are sold at uniform price.
Monopoly
Perfect Competition
Oligopoly
Duopoly
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
Classifying market as open market and black market is based upon
Competition
Time Period
Legality
Area
In ________ market there are two sellers of the commodity.
A firm can fix independent price under _________ market.
Pure Competition
Imperfect Competition
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
