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Question-1
What is the definition of a Nash Equilibrium?
(A)
A situation where each player adopts their dominant strategy
(B)
A situation where each player adopts the best strategy for them , given the strategy adopted by the other
(C)
A situation where the combined pay offs of the players is the maximum possible
(D)
The outcome that will arise in a game
Question-2
Which of the following statements about industries that are oligopolies is false?
(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
Question-3
Which of the following statement about price leadership is false?
(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
Question-4
Market of gold and silver is _________ market.
(A)
Short Period
(B)
Long Period
(C)
Very long Period
(D)
International
Question-5
Classifying market as open market and black market is based upon
(A)
Competition
(B)
Time Period
(C)
Legality
(D)
Area
Question-6
Which of the following statements about a monopolistic competitor is false?
(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
Question-7
A monopolist will determine very ________ price for a commodity having inelastic demand.
(A)
High
(B)
Low
(C)
Normal
(D)
Constant
Question-8
A firm can fix independent price under _________ market.
(A)
Perfect Competition
(B)
Pure Competition
(C)
Imperfect Competition
(D)
Monopoly
Question-9
Which of the following statements about the market supply curve for a product is false?
(A)
The market supply curve represents the individual supply curves of all firms which produce the product added together
(B)
The market supply curve may shift if there is a change in the behaviour of some firms which produce the product
(C)
The market supply curve may shift if there is change in the price of the product
(D)
The market supply curve may shift if there is a change in the number of firms which supply the product
Question-10
When would a perfectly competitive industry have a long run supply curve that slopes downwards?
(A)
If the industry has constant costs
(B)
If the industry has decreasing costs
(C)
If the industry has increasing costs
(D)
Never
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Plus 2 Humanities
Kerala (English Medium)
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Production Function-Returns to a factor(Micro)
Supply and Elasticity of Supply
Cost Revenue and Producers Equilibrium
Forms of Market
National Income Accounting and Circular flow of Income (Macro)
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