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.Management Sciences
Category: Market
The reason for the kinked demand curve is that ?
A. The oligopolist believes that competitors will match output increase but not output reduction
B. The oligopolist believes that competitors will match price increase but not output reduction
C. The oligopolist believers that competitors will match price cuts but not price rises
D. The oligopolist believes that competitors will match price increase but not output increase
All of the following are types of imperfect competition except ?
A. monopolistic competition
B. oligopoly
C. monopoly
D. unfair competition
A good example of a public good is ?
A. public transport
B. the national health service
C. national defence
D. rail transport
An increase in income will ?
A. Lead to a movement along the demand curve
B. Shift the supply curve
C. Shift the demand curve
D. Lead to an extension of demand
A monopoly may be self-perpetuating because profits may be used for ?
A. research
B. cost-saving
C. technical advance
D. all of the above
If an increase in consumer incomes leads to a decrease in the demand for camping equipment, then camping equipment is ?
A. a normal good
B. none of these answers
C. an inferior good
D. a substitute good
Suppose there is an increase in the both the supply and demand for personal computers Further, suppose the supply of personal computer increase more than demand for personal computers In the market for personal computers i the market for personal computers, we would expect ?
A. the change in the equilibrium quantity to be ambiguous and the equilibrium price to fall.
B. the equilibrium quantity to rise and the equilibrium price to rise
C. the equilibrium quantity to rise and the change in the equilibrium price to be ambiguous
D. the equilibrium quantity to rise and the equilibrium price to fall
E. the equilibrium quantity to rise and the equilibrium price to remain constant
A perfectly competitive market has ?
A. firms that set their own prices
B. only one seller.
C. at least a few sellers.
D. many buyers and sellers.
The social costs of monopoly power arises because ?
A. marginal cost is set equal to marginal revenue
B. price is less than marginal cost
C. marginal consumer benefit is less than marginal revenue
D. there is too little output at too high a cost
Suppose a frost destroys much of the Florida orange crop. At the same time, suppose consumer tastes shift toward orange juice, What would we expect to happen to the equilibrium price and quantity in the market for orange juice ?
A. price will decrease, quantity is ambiguous
B. The impact on both price and quantity is ambiguous.
C. Price will increase, quantity will increase
D. price will increase, quantity will decrease
E. price will increase, quantity is ambiguous.
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