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This set of Micro Economics analysis Multiple Choice Questions & Answers (MCQs) focuses on Micro Economics Analysis Set 2

Q1 | The importance of time element in price determination was firstlyanalyzed by
Q2 | In the market period, price determination in the case of aperishable commodity is influenced by its
Q3 | In the short-period,
Q4 | In the long-period,
Q5 | Zero economic profit arises in the long run in the case of
Q6 | Zero economic profit includes
Q7 | Economic efficiency is achieved in the long run in the case of
Q8 | Consumer surplus will be maximum in the case of
Q9 | At the optimum short-run level of output, the firm will be
Q10 | The short-run supply curve of a perfectly competitive firm is given by
Q11 | When the perfectly competitive firm and industry are both in longrun equilibrium
Q12 | Monopolistic competition is characterized by
Q13 | The theory of monopolistic competition was popularized by
Q14 | A monopolistically competitive market is distinguished from perfectcompetition by the fact that
Q15 | Excess capacity is a hallmark of
Q16 | Monopolistically competitive firms
Q17 | Selling cost assumes paramount importance in
Q18 | Under monopolistic competition, there can be freedom of entry inthe sense that there is freedom to produce
Q19 | A firm under monopolistic competition advertise because
Q20 | In the case of monopolistic competition,
Q21 | Under monopolistic competition, super normal profit arise when
Q22 | Which of the following condition are met in the long run equilibriumof the monopolistic competitor earning only normal profit
Q23 | The term group equilibrium is referred to
Q24 | Increase or decrease in the level of production by a monopolistically competitive firm have ------- impact on price and output decisionsof other firms
Q25 | Monopolistic competitive firm fixes the price of its product