ECO231 List of Questions
Latex formatted questions may not properly renderQ1 Which of the following utilizes an ordinal scale of measurement_.
Q2 ___________ reflects the maximum amount of good Y the consumer would be willing to give up obtaining an additional unit of X
Q3 The true__________exists where there is only one seller of a product for which no close substitute is available
Q4 The utility approach asumes that consumer satisfaction is measurable on a(an)______scale
Q5 The__________of a firm is the total amount of money that the firm receives by selling a certain quantity of output
Q6 There is no definite relationship between the supply of factors and the____of factors
Q7 The net cost of a monopoly is called________
Q8 The price that someone is willing to pay for an additional unit of a good is related to its ________
Q9 The price that someone is willing to pay for an additional unit of a good is related to its ____ profit is achieved by the monopoly when the price is greater than marginal cost
Q10 With the help of__________theory we are able to expound both value in use and value in exchange
Q11 The demand curve a monopolistically competitive firm faces is__________
Q12 The demand curve for the pure monopolist is__________
Q13 The demand for input is called __________
Q14 The demand of factor of production is a__________
Q15 __________ occurs when two or more firms secretly agree to control prices, production or other aspect of the market
Q16 The monopolist is a__________
Q17 The relationship between wages and leisure time for a worker is_______
Q18 The legal combination of two firms into a single firm is called __________
Q19 The slope of the demand curve for an input such as labour will be__________
Q20 The slope of the indifference curve measures the__________
Q21 At present output a monopolist determines that its marginal cost is N18 and its marginal revenue is N21. The monopolist will maximize profits or minimize losses by______________?
Q22 When the monopolist is maximizing total profits or minimizing losses________?
Q23 Which of these is not assumed property of the ordinal preference function__________?
Q24 In long-run equilibrium, the pure monopolist (as opposed to the perfectly competitive firm) can make pure profits because of_.
Q25 Profit must be equal to zero for a typical firm in the long run equilibrium because_
Q26 What is the situation called whenever firms in an industry reach an agreement to fix prices, divide up the market, or otherwise restrict competition__________?
Q27 If monopolistic firms enter the industry in the long run________
Q28 In the short run, a typical monopolistically competitive firm will earn________
Q29 The concern that monopolistically competitive firms express about product attributes, services to consumers, or brand names are aspects of______
Q30 Which would be most characteristic of monopolistic competition_________?
Q31 The analysis of monopoly indicates that the monopolist________
Q32 A barrier to entry that significantly contributes to the establishment of a monopoly would be_____
Q33 Which would be defining characteristics of pure monopoly___________
Q34 Which of the following contributes to the existence of oligopoly in an industry______?
Q35 In indifference curve analysis, the consumer will be in equilibrium at the point where the____
Q36 Which of the following contributes to the existence of oligopoly in an industry_________?
Q37 Which would be most characteristic of oligopoly__________?
Q38 If an oligopolist incurs losses in the short run, then in the long run___________
Q39 The relationship between wages and leisure time for a worker is_________________
Q40 The statement C = D = 10 utils implies___________
Q41 Assuming 1000 shirts were produced in a month when 100 labourers are engaged with 15 units of capital. When 101 labourers are employed with the same amount capital, 1100 shirts were produced, marginal physical productivity is ________
Q42 In the long run, firms will enter the market if positive economic profits are received and will leave the market if economic _____ are realized
Q43 If the market price is equal to the minimum point on the ATC curve, the firm will receive a level of economic profits equal to ______
Q44 To maximize_____ we need to get the concept of the revenue and the costs of the business
Q45 If a firm is receiving economic _____ the owners are receiving a return on their investment that exceeds that which they could receive if their resources had been used in an alternative occupation
Q46 Marginal revenue equals the market price for a firm facing a perfectly _____ demand curve
Q47 A ____ maximizes its profits by producing the level of output at which marginal revenue equals marginal cost
Q48 Market structure implies a variety of ways consumers and firms interact in the ___
Q49 The equilibrium price is determined by the interaction of market ___ and market supply
Q50 _______ revenue earned by selling additional unit of output is called as marginal revenue
Q51 Revenue earned by a firm per unit of output is called ____
Q52 The _______ of a firm is the total amount of money that the firm receives by selling a certain quantity of output
Q53 Industries in competitive markets take the market price as given ___ takers
Q54 Producers in a perfectly competitive market are subject to the prices determined by the market and do not have any ________
Q55 ____ in a perfectly competitive market are subject to the prices determined by the market and do not have any leverage
Q56 Perfect competition exists in an industry where perfect competition is characterized by many buyers and sellers, many products that are similar in nature and, as a result, many
Q57 Market structure is the number of _____ producing identical goods which are homogeneous in nature
Q58 Income, wealth, and prices thus define what we call individual ___constraint
Q59 A consumer buys a good only if the purchase is expected to makes the person better off or at least not
Q60 Indifference curves map or graphically represent consumer ______
Q61 In the short run, monopolistically competitive firms may receive economic profits by successfully differentiating their ___
Q62 The monopolistically competitive market is similar to perfect competition in that there are many buyers and sellers who can enter or leave the market easily in response to ______ profits or losses
Q63 The short-run equilibrium in monopolistic competition is the same as for a monopolist, and businesses may make positive, zero, or negative profits in the_______
Q64 The monopolistic competitive firm gives no concern to what impact its decision may have on competitors/ rivals in the ____
Q65 ____ is a situation where numerous firms waiting to enter the market each with its own unique product or in pursuit of positive profits and any firm unable to cover its costs can leave the market without incurring liquidation costs in the long run
Q66 The greater the degree of product differentiation, the more the ____ can separate itself from the pack
Q67 The higher the fixed costs, the fewer firms the ____ will support
Q68 A firm could cut prices and increase _____ without anxiety that its actions will prompt retaliatory responses from competitors
Q69 _____ is one of the market in-between perfectly competitive market and monopoly market.
Q70 A ______ firm can produce at a lower cost per unit of output than could any smaller firms in a natural monopoly industry
Q71 Firms operating in markets other than those of perfect competition are able to increase their profits by engaging in _____
Q72 ____ is a pricing strategy that enables monopolist to charge customers different prices for the same or service
Q73 The true monopoly exists where there is only one seller of a product for which no ______ substitute is available
Q74 Monopolies are characterized by decreasing ____ for a relatively large range of production
Q75 Monopolies derive their market power from barriers to ____
Q76 A monopoly has market power which is the ability to increase the product's price above _____ without losing all customers
Q77 A _____ is a single producer of a product which does not have close substitute
Q78 The long-run _____ output in perfectly competitive market occurs at the lowest point on the average total cost curve
Q79 The point where price equals ____ average variable cost is the short-down point
Q80 The short run production decision leads _____ firms to produce where price equal marginal cost
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