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56. In the perfect competition in the short run, the firm is a price .......... and can sell... ... amount of output at the going market price.
Taker, any
Taker, a definite
Maker, Any
None of the above
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57. A profit-maximizing monopolist in two separate markets will
Always charge a higher price in the market where he sells less
Always charge a higher price in the market where he sells more
Charge the same price in both markets
Adjust his sales in the two markets so that his MR in each market just equals his aggregate marginal cost
58. Under a bilateral monopoly, the price is higher if
The monopolist has his way
The monopsonist has his way
The monopolist acts as a competitor
The monopsonist sells his own product in a monopoly market
59. A monopoly producer usually earns
Abnormal profits
Neither profits nor losses
Only normal profits
Profits and losses which are uncertain
60. The size of a monopolist's plant and the degree of utilization of any given plant size, depend entirely on the
Factor price
Price of the good
Market demand
Market Supply
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