Micro Economics analysis Mock Test

1. Which of the following industry is most closely approximates the perfectly competitive model.

2. The equality between MC and MR is

3. Which of the following is not a feature of a perfectly competitive market

4. If price is greater than average cost, in the short-run, the competitive firm can earn

5. Which type of competition leads to maximum exploitation of consumer

6. If the monopolist incurs loss in the short run, then in the long run

7. A firm practicing price discrimination will be

8. Uniform price is a feature of

9. Total profit is maximum when

10. The best level of output for the monopolist is

11. Which of the form of monopoly regulation is the most advantages to the consumer

12. In the short run, the monopolist

13. If price is less than average cost, in the short-run, the competitive firm can earn

14. Which one of the following is a feature of a perfect competition

15. Under monopolistic competition, there can be freedom of entry in the sense that there is freedom to produce

16. Which one of the following is not a feature of monopolistic competition

17. Under perfectly competitive market an individual seller is a

18. Total profits are maximized where

19. The book 'The theory of Monopolistic Competition' is written by

20. A firm under monopolistic competition advertise because

21. Average revenue curve under perfect competition is

22. In long run the monopolist can earn abnormal profit because of

23. The elasticity of average revenue curve of the monopolistic competitor, depends on

24. Marginal revenue curve under perfect competition is

25. The book 'The Economics of Imperfect Competition' is written by

26. Under pure monopoly, there will be

27. The supply curve of the input that a firm faces under a perfectly competitive market is

28. When a group of monopolistic competition attains the equilibrium, the firms in the group

29. The monopolist who is in

30. The supply curve of an input that a firm faces under an imperfectly competitive market is

31. Monopolist will not produce that portion of demand curve where the elasticity of demand

32. It is assumed that the cost curves of all the firms in the monopolistic competition are

33. Average revenue curve under imperfect competition is

34. In the market period, market supply curve is

35. In the long run, a competitive firm can earn

36. Zero economic profit arises in the long run in the case of

37. Excess capacity is a hallmark of

38. Who introduced various types of price discrimination

39. Selling cost assumes paramount importance in

40. Indeterminateness of demand curve' is a feature of

41. The term 'monopsony' refers to

42. Oligopoly is a market situation characterized by

43. Monopolistically competitive firms

44. The demand curve for labour under perfectly competitive market is

45. Selling cost is maximum in the case of

46. At the optimum short-run level of output, the firm will be

47. The importance of time element in price determination was firstly analyzed by

48. Given the supply of a commodity, in the market period, the price of a commodity is determined by

49. Economic efficiency is achieved in the long run in the case of

50. In the case of monopolistic competition,