[{"id":213059,"question":"If the price elasticity of demand for a product in market A is -0.2 and in market B is -3 a price discriminator will charge.","choices":[{"text":"The higher price in market A","value":"A"},{"text":"The higher price in market B","value":"B"},{"text":"The same price in both markets","value":"C"},{"text":"There are many sellers","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213058,"question":"In marketing \"USP \" Stand for","choices":[{"text":"Unique selling proposition","value":"A"},{"text":"Underlying sales pitch","value":"B"},{"text":"Unit sales point","value":"C"},{"text":"Under sales procedure","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213057,"question":"If there is a price floor there will be.","choices":[{"text":"Shortages","value":"A"},{"text":"Surpluses","value":"B"},{"text":"Equilibrium","value":"C"},{"text":"All of these","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213056,"question":"In monopolistic competition if firms are making abnormal profit other firms will enter and","choices":[{"text":"The marginal cost will shift outwards","value":"A"},{"text":"the demand curve will shift inwards","value":"B"},{"text":"The average cost will shift downwards","value":"C"},{"text":"The average variable cost will increase","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213055,"question":"Effective branding will tend to make","choices":[{"text":"Demand mover price inelastic","value":"A"},{"text":"Supply more price inelastic","value":"B"},{"text":"Demand more income elastic","value":"C"},{"text":"Supply more income elastic","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213054,"question":"Which of the following is not one of the four Ps in marketing.","choices":[{"text":"Product","value":"A"},{"text":"Price","value":"B"},{"text":"Place","value":"C"},{"text":"Presence","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213053,"question":"In monopolistic competition firms profit maximize where","choices":[{"text":"Marginal revenue = average revenue","value":"A"},{"text":"Marginal revenue= Marginal cost","value":"B"},{"text":"Marginal revenue= Average cost","value":"C"},{"text":"Marginal revenue = Total cost","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213052,"question":"In monopolistic competition","choices":[{"text":"Demand is perfectly elastic","value":"A"},{"text":"Products are homogeneous","value":"B"},{"text":"Marginal revenue = pirce","value":"C"},{"text":"The marginal revenue is below the demand curve and diverges","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213051,"question":"In cartels.","choices":[{"text":"Firms complete against each other","value":"A"},{"text":"Price wars are common","value":"B"},{"text":"Firms use price to win market share from competitors","value":"C"},{"text":"Firms collude","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213050,"question":"A model of game theory of oligopoly is known as the","choices":[{"text":"Prisoner's dilemma","value":"A"},{"text":"Monopoly cell","value":"B"},{"text":"Jailhouse sentence","value":"C"},{"text":"Jury box","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213049,"question":"Firm in oligopoly are likely to.","choices":[{"text":"Invest heavily in branding","value":"A"},{"text":"Act independently of other firms","value":"B"},{"text":"Try to differentiate its products","value":"C"},{"text":"Try to be a price maker","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213048,"question":"Game theory","choices":[{"text":"Firm are assumed to act independently","value":"A"},{"text":"Firms are assumed to cooperate with each other","value":"B"},{"text":"Firm collude as part of a cartel","value":"C"},{"text":"Firms consider the actions of others before deciding what to do.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213047,"question":"If a few firms dominate an industry the market is known as.","choices":[{"text":"Monopolistic competition","value":"A"},{"text":"Competitively monopolistic","value":"B"},{"text":"Duopoly","value":"C"},{"text":"Oligopoly","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213046,"question":"A welfare less occurs in monopoly where","choices":[{"text":"The price in greater than the marginal cost","value":"A"},{"text":"The price is greater than the marginal benefit","value":"B"},{"text":"The price is greater than the average revenue","value":"C"},{"text":"Has the right to investigate monopolies and will assess each one on its own mertis","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213045,"question":"According to schumpater","choices":[{"text":"Monopolies are inefficient","value":"A"},{"text":"Monopoly profits act as an incentive for innovation","value":"B"},{"text":"Monopolies are allocatively efficient","value":"C"},{"text":"Monopolies are productively efficient","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213044,"question":"In monopoly which of the following is true.","choices":[{"text":"There are many buyers and sellers","value":"A"},{"text":"There is one main buyers","value":"B"},{"text":"There is one main seller","value":"C"},{"text":"The actions of one firm do not affect the market price and quantity.","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213043,"question":"The agricultural price support program is an example of.","choices":[{"text":"A price celling","value":"A"},{"text":"A price floor","value":"B"},{"text":"Equilibrium pricing","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213042,"question":"Barriers to entry do not include","choices":[{"text":"Patents","value":"A"},{"text":"Internal economics of scale","value":"B"},{"text":"Mobility of resources","value":"C"},{"text":"High investment costs","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213041,"question":"In monopoly in long run equilibrium.","choices":[{"text":"The firm is productively effieient","value":"A"},{"text":"The firm is allocatively inefficient","value":"B"},{"text":"The firm produces where marginal cost is less than marginal revenue","value":"C"},{"text":"The firm produces at the sociality optimal level","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213040,"question":"In monopoly when abnormal profits are made.","choices":[{"text":"The prize set is greater than the marginal cost","value":"A"},{"text":"The price is less than the average cost","value":"B"},{"text":"The average revenue equals the marginal cost","value":"C"},{"text":"Revenue wquals total cost","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213039,"question":"The marginal revenue curve in monopoly","choices":[{"text":"Equals the demand curve","value":"A"},{"text":"Is a parallel with the demand curve","value":"B"},{"text":"Lies below and converges with the demand curve","value":"C"},{"text":"Lies below and diverges from the demeaned curve","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213038,"question":"For perfectly competitive firm","choices":[{"text":"Price equals marginal revenue","value":"A"},{"text":"Price is greater than marginal revenus","value":"B"},{"text":"Price equal total revenue","value":"C"},{"text":"Price equals total cost","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213037,"question":"In the long run in perfect competition","choices":[{"text":"Price = average= cost = marginal cost","value":"A"},{"text":"Price = average cost = total cost","value":"B"},{"text":"The price covers fixed cost","value":"C"},{"text":"total revenue = total variable cost","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213036,"question":"In the short run firm in perfect competition will still produce provided.","choices":[{"text":"The price covers average variable cost","value":"A"},{"text":"The price covers variable cost","value":"B"},{"text":"The price covers average fixed cost","value":"C"},{"text":"The price covers fixed cost","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213035,"question":"In the long run in perfect competitiion","choices":[{"text":"the price equals the total revenue","value":"A"},{"text":"Firm are allocatively inefficient","value":"B"},{"text":"Firms are productively efficient","value":"C"},{"text":"the price equals total cost","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213034,"question":"In perfect competition.","choices":[{"text":"the products firm offer are very similar","value":"A"},{"text":"Products are heavily differentiated","value":"B"},{"text":"A few firms dominate the market","value":"C"},{"text":"Consumers have limited information","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213033,"question":"A profit maximizing firm in perfect competition produces where","choices":[{"text":"Total revenue is maximized","value":"A"},{"text":"Marginal revenue equals zero","value":"B"},{"text":"Marginal revenue equals marginal cost","value":"C"},{"text":"Marginal revenue equals average cost","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213032,"question":"In perfect competation.","choices":[{"text":"The price equals the marginal revenue","value":"A"},{"text":"The price equals the average variable cost","value":"B"},{"text":"The fixed cost equals the variable costs","value":"C"},{"text":"The price equals the total costs","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213031,"question":"Firms in perfect competition face a","choices":[{"text":"Perfectly elastic demand curve","value":"A"},{"text":"Perfectly inelastic demand curve","value":"B"},{"text":"Perfectly elastic supply curve","value":"C"},{"text":"Perfectly inelastic supply curve","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213030,"question":"Price equal to.","choices":[{"text":"Total revenue -quantity","value":"A"},{"text":"Total revenue/quantity sold","value":"B"},{"text":"total quantity sold * quantity sold","value":"C"},{"text":"Total revenue/total cost","value":"D"},{"value":"E"}],"correctAnswer":2}]