Economics - Study Mode
[#151] Which of the following is the best example of Agreement between oligopolists?
Correct Answer
(B) OPEC
[#152] When with a change in price the total outlay on a commodity remains constant, it is a case of
Correct Answer
(C) unit elasticity
[#153] Match the following. List-I List-II a. Large number of seller with identical products 1. Monopolistic competition b. Large number of seller with differentiated products 2. Oligopoly c. Single seller with single buyer 3. Bilateral monopoly d. Few sellers 4. Perfect competition
Correct Answer
(B) a-4, b-1, c-3, d-2
[#154] The short-run production function for a firm is as follows Q = -L 3 + 15L 2 + 10L Where Q denotes total output in physical units and L denotes units of labour which are homogeneous, but are not perfectly divisible and change in labour does not tend to become zero. Statement I In this production function, the marginal product of 5 th unit of labour is 85. Statement II Similarly, in this production function, the average product of the 5 th unit of labour is 60.
Correct Answer
(B) Both the statements are false
[#155] Monopolists prefer to sell the products in the markets with
Correct Answer
(A) Elastic demand