21. Even in the long run equilibrium, the pure monopolist (as opposed to the perfectly competitive firm) can make abnormal profits because of
22. Marginal cost curve always cuts the average cost curve
23. Given: $${E_{px}} = \frac{{{\text{Percentage change in }}{{\text{Q}}_y}}}{{{\text{Percentage change in }}{{\text{P}}_x}}}$$
The above relationship is:
The above relationship is:
24. For a production firm, the pecuniary economies arise from which one of the following sources?
25. The limit to the long-run growth of a firm under imperfectly competitive conditions is set by
26. If a demand curve exhibits unit elasticity for all prices, the MR curve
27. Under bilateral monopoly the price is higher if
28. Which of the following statement is correct?
29. A circumstance in which it might pay a monopolist to cut the price of his product is where
30. Match the items of the List-I with those of the List-II and indicate the correct answer.
List-I
List-II
a. Positive income elasticity
1. Substitute goods
b. Negative income elasticity
2. Complementary goods
c. Positive cross elasticity
3. Inferior goods
d. Negative cross elasticity
4. Superior goods
| List-I | List-II |
| a. Positive income elasticity | 1. Substitute goods |
| b. Negative income elasticity | 2. Complementary goods |
| c. Positive cross elasticity | 3. Inferior goods |
| d. Negative cross elasticity | 4. Superior goods |
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