Related Questions

The prize competition was 'touted' as a showcase for new technology, but instead the competition was marred by disqualifications and disputes. The quotation word can be best substituted with which of the following words?
A conceived
B heralded
C disappointing
D promising
"The prize competition was "touted"as a showcase for new technology, but instead the competition was marred by disqualifications and disputes." The underlined word can be best substituted with which of the following words?
A conceived
B heralded
C disappointing
D promising
What is the opposite of perfect competition?
A Monopsony
B Oligopoly
C Oligopsony
D Monopoly
“Under conditions of perfect competition, the price at which any given product will be supplied and purchased is the price that will result in the supply and the demand being equal.” This statement is known as the:
A Law of diminishing return
B Law of supply
C Law of demand
D Law of supply and demand
A ______ is a market situation where economies of scale are so significant that cost are only minimized when the entire output of an industry is supplied by a single producer so that the supply costs are lower under monopoly that under perfect competition.
A Perfect monopoly
B Bilateral monopoly
C Natural monopoly
D Ordinary monopoly
Aside from many sellers and many buyers, which one is a characteristic of perfect competition?
A Homogeneous product
B Free market entry and exit
C Perfect information and absence of all economic friction
D All of the above
Which of the following is NOT a characteristic of perfect competition?
A Free entry and exit of the firms
B The demand curve of firm is horizontal
C The marginal revenue curve is horizontal
D An individual firm can influence the price
What is the shape of the demand curve faced by a firm under perfect competition?
A Horizontal
B Vertical
C Positively sloped
D Negatively sloped
Which of the following is one of the assumptions of perfect competition?
A Few buyers and few sellers
B Many buyers and few sellers
C Many buyers and many sellers
D All sellers and buyers are honest
A firm under perfect competition will be making minimum losses (in the short run) at a point where
A MC>MR
B MR>MC
C MC=MR
D AC=AR

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