[{"id":213449,"question":"In monopolistic competition, firms desire to sell more output at equilibrium because.","choices":[{"text":"Price is greater than average cost","value":"A"},{"text":"Price is greater than average variable cost","value":"B"},{"text":"Price is greater than marginal cost","value":"C"},{"text":"Price is equal to marginal revenue","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213448,"question":"Which of the following does not represent a barrier to entry into a market.","choices":[{"text":"Import quotas","value":"A"},{"text":"patent laws","value":"B"},{"text":"Government franchleses","value":"C"},{"text":"Anti trust legislation","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213447,"question":"Given the cost data indicated in the table above the average variable cost of producing 7 units of output is","choices":[{"text":"Rs.37","value":"A"},{"text":"Rs.29","value":"B"},{"text":"Rs.31","value":"C"},{"text":"Greater than Rs.37","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213446,"question":"If average variable cos tis less then marginal cost then certainly.","choices":[{"text":"Per unit total cost is rising","value":"A"},{"text":"Per unit total cost is constant","value":"B"},{"text":"Per unit total cost is falling","value":"C"},{"text":"Per unit variable cost is rising","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213445,"question":"Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.","choices":[{"text":"Employed","value":"A"},{"text":"Unemployed","value":"B"},{"text":"Not in the labor force","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213444,"question":"Immediately after a through we would expect to have al","choices":[{"text":"Peak","value":"A"},{"text":"Recession","value":"B"},{"text":"Recovery","value":"C"},{"text":"Another trough","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213443,"question":"An economy that falls to realize all of its p9otential gains from specialization is.","choices":[{"text":"Achieving productive efficiency","value":"A"},{"text":"Operating outside its production possibilities curve","value":"B"},{"text":"Operating on its production possibilities curve in an inefficient manner","value":"C"},{"text":"Operating inside its production possibility curve","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213442,"question":"A production possibilities curve indicates that when resources are being used efficiently","choices":[{"text":"More of one good cna be produced only if less of another good is produced","value":"A"},{"text":"More of one good can be produced only if its price is lowered","value":"B"},{"text":"Producing more of one good result in greater production of other goods","value":"C"},{"text":"More of one good can be product without producing less of other goods","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213441,"question":"When economists say that a per son is economizing they mean that the person is.","choices":[{"text":"making choices to gain benefits at lowest possible cost","value":"A"},{"text":"Making a lot of money","value":"B"},{"text":"Purchasing goods that are generic cheap or of low quality","value":"C"},{"text":"Learning how to run a business more effecitively","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213440,"question":"The epigram \"time is money\" expresses , in part, the concept of.","choices":[{"text":"Opportunity cost","value":"A"},{"text":"Comparative advantage","value":"B"},{"text":"Specialization","value":"C"},{"text":"Efficiency in production","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213439,"question":"In perfect competition there is.","choices":[{"text":"Many buyers","value":"A"},{"text":"Many sellers","value":"B"},{"text":"Homogeneous product","value":"C"},{"text":"All of these","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213438,"question":"Perfect competition implies","choices":[{"text":"Homogeneous goods","value":"A"},{"text":"Inferior goods","value":"B"},{"text":"Superiors goods","value":"C"},{"text":"Differential goods","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213437,"question":"In perfect competition the industry will be in equilibrium.","choices":[{"text":"when all the firms earning abnormal profit","value":"A"},{"text":"When all the firms earning normal profit","value":"B"},{"text":"All firms having loss","value":"C"},{"text":"All firms having proft","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213436,"question":"A Market situation where the number of buyers is very large and the number of sellers are very small is called.","choices":[{"text":"Perfect competition","value":"A"},{"text":"Duopoly","value":"B"},{"text":"Oligopoly","value":"C"},{"text":"In perfect competition","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213435,"question":"Price discrimination is possible","choices":[{"text":"Oligopoly","value":"A"},{"text":"Duopoly","value":"B"},{"text":"Perfect competition","value":"C"},{"text":"Monopoly","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213434,"question":"Price discrimination occurs when","choices":[{"text":"A commodity has different elasticity in different markets","value":"A"},{"text":"Same elasticity in different markets","value":"B"},{"text":"Unitary elasticity different markets","value":"C"},{"text":"Noe of these","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213433,"question":"MC = MR= AR=AC = Price shows the longs run","choices":[{"text":"Monopolist firm","value":"A"},{"text":"Oligopolistic firm","value":"B"},{"text":"Competitive firm","value":"C"},{"text":"Both a and b","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213432,"question":"A profit maximizing monopolist in two separate markets will","choices":[{"text":"Charge different price according to elasticity","value":"A"},{"text":"Charged same price","value":"B"},{"text":"Charged very high price","value":"C"},{"text":"Charged very low price","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213431,"question":"In monopoly the firm can","choices":[{"text":"Price","value":"A"},{"text":"Output","value":"B"},{"text":"Either price or output","value":"C"},{"text":"Both a and b","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213430,"question":"A monopoly there is","choices":[{"text":"No difference between firm and industry","value":"A"},{"text":"A few firms","value":"B"},{"text":"Lot of firms","value":"C"},{"text":"none of these","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213429,"question":"In perfect competition price is settled by","choices":[{"text":"Sellers","value":"A"},{"text":"Buyers","value":"B"},{"text":"Producers","value":"C"},{"text":"Both a and b","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213428,"question":"In perfect competition, a seller by increasing price.","choices":[{"text":"Sell more","value":"A"},{"text":"Produce its revenue","value":"B"},{"text":"Decrease cost","value":"C"},{"text":"Sell nothing","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213427,"question":"In pure monopoly there is.","choices":[{"text":"A lot of firms","value":"A"},{"text":"Two firms","value":"B"},{"text":"A single firm","value":"C"},{"text":"Many firms","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213426,"question":"In perfect competition a firm is.","choices":[{"text":"Price taker","value":"A"},{"text":"Price setter","value":"B"},{"text":"Independent","value":"C"},{"text":"Dependent","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213425,"question":"In monopolistic competition firm sell","choices":[{"text":"Same goods","value":"A"},{"text":"Differential goods","value":"B"},{"text":"Inferior goods","value":"C"},{"text":"Superior goods","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213424,"question":"Short run is a time frame where a firm can change its.,","choices":[{"text":"Total cost","value":"A"},{"text":"Total production","value":"B"},{"text":"Plant size","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213423,"question":"A combination labour and capital where the cost of an output is minimized is called.","choices":[{"text":"Optimum factor combination","value":"A"},{"text":"Good combination","value":"B"},{"text":"Least combination","value":"C"},{"text":"Substitutes combination","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213422,"question":"The Isoquant curve shows different combinations of two factors of production which give the producer.","choices":[{"text":"Different level of output","value":"A"},{"text":"High level of output","value":"B"},{"text":"low level of output","value":"C"},{"text":"Same level of output","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213421,"question":"In perfect competition the transpiration cost","choices":[{"text":"Excluded from the total cost","value":"A"},{"text":"Is important figure in total cost","value":"B"},{"text":"Is ignored","value":"C"},{"text":"All of these","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213420,"question":"The marginal rate of substitution of two goods can be obtain from","choices":[{"text":"Slope of budget line","value":"A"},{"text":"Slope of demand curve","value":"B"},{"text":"Slope of indifference curve","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":3}]