166.
The imposition of a ceiling on a monopolist's price will affect his
c
Equilibrium output and profits
d
Average revenue in the short-run only
167.
Average revenue is calculated by
168.
In a typical demand schedule, quantity demanded
a
Varies directly with price
b
Varies inversely with price
d
Varies proportionately with price
169.
The elasticity of substitution between two inputs in CES production function
170.
Which one of the following is not correct about the price discrimination by a monopolist, who intends to
a
Maximise the sales / profit
b
Share the consumer's surplus
c
Reduce the welfare of masses
d
Increase the welfare of masses
171.
When goods in the domestic market are sold at a high price in the foreign market at a low price, it is a situation of
172.
The firm under perfect competition will be in short-run equilibrium when
a
Average revenue is equal to average cost
b
Marginal revenue is equal to rising marginal cost
c
Marginal revenue is equal to the falling marginal cost
d
Rising marginal cost is equal to the minimum average cost
173.
Consumer reaches a saturation point for a product when MU is
174.
Under perfect competition, price of the product
c
Can be controlled within certain limit
175.
Which of the following is the best general definition of the study of economics
a
The best way to invest in the stock market
b
Individual and social choice in the face of scarcity
c
Business decision making under foreign competition
d
lnflation and employment in a growing economy
176.
Law of diminishlng marginal rate of substitution is associated with
177.
'Kinked' demand curve is related with
178.
Imperfect competition arises when
a
Product variation, ignorance of consumers and distance and transport costs lead to imperfections in the competitive market which operates on certain assumptions
b
There are unexplainable imperfections in the market
c
There is imperfect rivalry among competitors
d
Competition does not exist
179.
How many sellers are present in duopoly?
180.
The kinked demand curve explains
