1.
Cross elasticity of demand between two perfect substitutes will be
2.
Monopoly exploitation is reduced by regulation that
b
enhances product-market competition
c
increases the bargaining power of workers
d
increases the bargaining power of employers
3.
In perfect competition in the long run there will be no
4.
Which economist stated the positive impact of monopoly?
5.
Monopolistic competition has features of
a
Monopoly but not competition
b
Monopoly and competition with features of monopoly predominating
c
Monopoly and competition, with features of competition predominating
6.
The % change in demand for a product A divided by the % change in price of product B indicates the degree of
a
Price Elasticity of Demand
b
Cross Elasticity of Demand
c
Ionic Elasticity of Demand
d
Advertising Elasticity of Demand
7.
Income elasticity is computed by
d
ei = ((Q2 āQ1)=Q1=((Y2 āY1)=Y1)
8.
A consumer consuming two goods will be in equilibrium, when the marginal utilities from both goods are
c
Minimum possible positive
d
Maximum possible positive
9.
On an indifference map, if the income consumption curve slopes downwards to the right it shows that
c
Both X and Y are superior goods
d
Both X and Y are inferior goods
10.
Price effect in indifference curve analysis arises
a
When income and price change
b
When the consumer is betler off due to a change in income and price
c
When the consumer becomes either better off or worse off because price change is not compensated by income change
11.
An indifference curve slopes down towards right since more of one commodity and less of another result in
12.
The degree of monopoly power can be measured by the formula
13.
What is the nature of Elasticity of demand for luxury items like high class furniture
14.
A situation in which the number of competing firms is relatively small is known as
15.
Impact of change in demand in one sector on other sectors is studied by
