11. Comparing the equilibrium position of a buyer with that of a producer in a pefectly competitive market, it is found that in perfect competition
12. Suppose that there are two goods, X and Y, facing a consumer. The prices are Px = Rs. 4 and Py = Rs. 5. He has Rs. 110 to spend on these goods. Suppose, he is currently buying 15 units of good X (with marginal utility equal to 40) and 10 units of good Y (with marginal utility equal to 45).
In the above context, which one of the following statements is correct?
In the above context, which one of the following statements is correct?
13. The basic nature of average fixed cost is that it
14. Which of the following statement is incorrect?
15. Which of the following is not the main objective of "Fiscal Policy of India"?
16. A group of firms that gets together to make price and output decisions is called
17. Which of the following is not the feature of monopolistic competition?
18. The branch of Economics which focuses on 'what should be' is:
19. Match the following.
List-I
List-II
a. Total cost
1. TR ÷ Q
b. Average revenue
2. ∆TC ÷ ∆Q
c. Marginal cost
3. AR × Q
d. Total revenue
4. TFC + TVC
List-I | List-II |
a. Total cost | 1. TR ÷ Q |
b. Average revenue | 2. ∆TC ÷ ∆Q |
c. Marginal cost | 3. AR × Q |
d. Total revenue | 4. TFC + TVC |
20. Consider the following statements.
1. Cartel is an informal agreement among the firms to avoid competition.
2. There is a free entry of firms in monopoly market.
3. There is a full control over price in perfect competition.
Which of the statement(s) given above is/are correct?
1. Cartel is an informal agreement among the firms to avoid competition.
2. There is a free entry of firms in monopoly market.
3. There is a full control over price in perfect competition.
Which of the statement(s) given above is/are correct?
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