Economics - Study Mode

[#1011] Which of the following oligopoly models is concerned with the maximization of joint profits?
Correct Answer

(C) Collusive model

Explanation

Solution: Collusive models is concerned with the maximization of joint profits. Firms join together and work for the joint profit maximization.

[#1012] A firm decides to exit the industry when
Correct Answer

(C) Price is less than LAC

Explanation

Solution: A firm decides to exit the industry when Price is less than LAC. LAC at the efficient scale of production is thus the minimum average cost.

[#1013] It describes the law of supply
Correct Answer

(D) All of the above

Explanation

Solution: Supply curve, Supply schedule and Supply equation describes the law of supply.

[#1014] Who is called the father of modern economics Or called the father of economics
Correct Answer

(B) Adam Smith

[#1015] Compared to the case of perfect competition, a monopolistis more likely to
Correct Answer

(D) All of the above