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This set of Micro Economics analysis Multiple Choice Questions & Answers (MCQs) focuses on Micro Economics Analysis Set 5

Q1 | Assertion (A) Many oligopolistic industries exhibit an appreciable degree of Price rigidity or stabilityReason (R) Oligopolists face a demand curve that is highly elasticfor price increases and less elastic for price reductions
Q2 | Match the followingA B (i). Demand for inputs Hall and Hitch (ii). Oligopoly Single buyer (iii). Kinked demand theory Cartels (iv). Monopsony Derived demand Codes;
Q3 | If the hourly wage is Rs.10, and the firm produces 5 additional units of the commodity with an additional hour of labour time, then marginal cost is
Q4 | The equilibrium level of output for a perfectly competitive marketis
Q5 | The term ‘monopsony’ refers to
Q6 | The demand curve for labour under perfectly competitive marketis
Q7 | The supply curve of the input that a firm faces under a perfectlycompetitive market is
Q8 | The supply curve of an input that a firm faces under animperfectly competitive market is
Q9 | Let labour is the only variable input, a monopsonist maximizeshis or her profit when
Q10 | A profit maximizing firm under a perfectly competitive marketemploys more and more variable input labour until
Q11 | To minimize cost of production at any level of output themonopsonist should continue to substitute labour and capital until
Q12 | In Chamberlin and Kinked demand curve model, the oligoposist
Q13 | In the case of price leadership by the dominant firm all the firms in the purely oligopolistic industry will produce their best level of output
Q14 | If an oligopolist incurs losses in the short run, then in the longrun
Q15 | Existence of large number of buyers and sellers andhomogenous product is a feature of :
Q16 | Product differentiation is a characteristic of:
Q17 | A firm under Perfect Competition is a:
Q18 | Selling cost is a feature of :
Q19 | Oligopoly is characterized by:
Q20 | When there are only two sellers, the market is called as:
Q21 | Perfect competition is a market situation under which acommodity is sold at:
Q22 | The demand curve of a firm under perfect competition is :
Q23 | The price of a commodity under the perfect competition isdetermined by:
Q24 | Equilibrium literally means:
Q25 | The price at which the demand and supply are equal is called: