Economics - Study Mode

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[#531] Degree of monopoly power, according to Learner is

(A) $$frac{P}{e}$$

(B) $$frac{{P - MC}}{P}$$

(C) $$frac{{AR - MR}}{P}$$

(D) $$frac{{MC - P}}{P}$$

Correct Answer

(B) $$frac{{P - MC}}{P}$$

[#532] Match the following. List-I List-II a. Equilibrium price is the price where the 1. Complimentary goods b. Excess supply can be defined as 2. Quantity demanded = Quantity supplied c. Tea and sugar 3. Quantity demanded - Quantity supplied d. Excess demand can be defined as 4. Quantity supplied - Quantity demanded

(A) a-2, b-4, c-1, d-3

(B) a-1, b-2, c-3, d-4

(C) a-4, b-1, c-3, d-2

(D) a-3, b-2, c-1, d-4

Correct Answer

(A) a-2, b-4, c-1, d-3

[#533] "Profits is the reward of risk" is the statement

(A) Henry Ford

(B) Prof. Tomas

(C) Prof. Terry

(D) Prof. Dixie

Correct Answer

(B) Prof. Tomas

[#534] The marginal cost is equal is to marginal revenue, the average cost is equal to average revenue, average revenue is equal to marginal revenue, and the average cost is equal to marginal cost. This is the condition of 1. Long-period equilibrium for a firm under monopoly. 2. Short-period equilibrium for a firm under oligopoly. 3. Long-period equilibrium 4. Long-period equilibrium for a firm under perfect competition.

(A) 1 and 4

(B) 3 and 4

(C) 1 and 3

(D) Only 1

Correct Answer

(A) 1 and 4

[#535] The world economic crisis of which period has been called as the worldwide recession?

(A) 1929-33

(B) 1930-40

(C) 1935-45

(D) 1950-60

Correct Answer

(A) 1929-33