Economics - Study Mode

[#866] A monopolist has a downward sloping demand curve because
Correct Answer

(C) its demand curve is the same as the industry's demand curve

[#867] Assertion (A) All firms under perfect competition in long run earn only normal profit. Reason (R) All firms under perfect competition in long run operate at the minimum average cost level.
Correct Answer

(A) Both (A) and (R) are true

[#868] Which of the following is one of the basis for the indifference curve analysis?
Correct Answer

(B) Ordinal utility

[#869] What is the major export item among plantation crops?
Correct Answer

(C) Tea

[#870] In which type of market do you have the largest number of firms?
Correct Answer

(B) Perfect competition and differentiated competition