Business Economics - Business Economics Objective Type Questions

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36:  

Consider the following

1. Large number of buyers and sellers

2. Firms produce differentiated products

3. Free entry and exit of firms

4. Perfect knowledge abouttechnology.

Which of the above are the characteristics of monopolistic competition?

A.	1 and 3
B.	2 and 3
C.	2,3 and 4
D.	1,2,3 and 4
	Answer Report Discuss
	Option: D Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

37:  

The degree of monopoly power can be measured by the formula

A.	(P - MC) / P
B.	MR / (AR - MR)
C.	AR / (AR - MR)
D.	(AR -MR ) / MR
	Answer Report Discuss
	Option: A Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

38:  

Under monopoly and imperfect competition, MC is

A.	Equal to the price
B.	Less than the price
C.	More than the price
D.	Any of the above
	Answer Report Discuss
	Option: B Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

39:  

The value of  σ for Cobb-Douglas production function is

A.	∞
B.	0
C.	1
D.	-1
	Answer Report Discuss
	Option: C Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

40:  

Given that cost conditions are same, in monopolistic competition price is ...... and output is ........ as compared to perfect competition.

A.	Higher, same
B.	Same, lower
C.	Higher, lower
D.	Lower, higher
	Answer Report Discuss
	Option: C Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

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