| 1 |
Under monopoly, number of firms is |
- A. Large
- B. Few
- C. One
- D. Two
|
| 2 |
What can a firm do in the short run |
- A. Firm can increase its plants
- B. Firm can expand its building
- C. New firm can not enter the business
- D. New firm can enter the business
|
| 3 |
When average product increases, marginal product is: |
- A. Also increases
- B. Decreases
- C. Zero
- D. Negative
|
| 4 |
Law of increasing return is also known as: |
- A. Increasing cost
- B. Constant cost
- C. Diminishing cost
- D. Both (a) and (c)
|
| 5 |
One condition which is not included in perfect competition conditions |
- A. Homogeneity of product
- B. Difference in price
- C. Large number of buyers and sellers
- D. Perfect knowledge of the market
|
| 6 |
Monopoly is opposite to |
- A. Perfect competition
- B. Imperfect competition
- C. Perfect competition and imperfect competition both
- D. Oligopoly
|
| 7 |
Law of constant return is also known as: |
- A. Increasing cost
- B. Constant cost
- C. Diminishing cost
- D. Both (a) and (c)
|
| 8 |
When total production increases, marginal product is: |
- A. Positive
- B. Negative
- C. Zero
- D. Infinite
|
| 9 |
If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good |
- A. Decrease
- B. Increase
- C. Keep constant
- D. None of the three
|
| 10 |
Usually elasticity of demand in equilibrium situation under monopoly is |
- A. Equal than unity
- B. Less than unity
- C. more than unity
- D. Zero
|
