AP (Advanced Placement) Microeconomics: Questions 45 - 48 of 398

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Question 45

Appeared in Year: 2013 (NET)

Question

MCQ▾

The condition of Pareto Optimality holds correct under (December)

Choices

Choice (5)Response

a.

Monopoly

b.

Monopolistic Competition

c.

Perfect Competition

d.

Oligopoly

e.

All of the above

Question 46

Appeared in Year: 2017 (NET)

Question

MCQ▾

For the demand function , what is price elasticity of demand at ?

Choices

Choice (5)Response

a.

Zero

b.

0.5

c.

1.5

d.

1

e.

All of the above

Question 47

Appeared in Year: 2014 (NET)

Question

MCQ▾

Arrows impossibility theorem implies (June)

Choices

Choice (5)Response

a.

Any social decision rule should not violates the requirements of rational choice.

b.

Any social decision rule must violate at least one of the requirements of rational choice.

c.

Any social decision rule must violate all the requirements of rational choice.

d.

It is impossible to violate social decision rules.

e.

All of the above

Question 48

Appeared in Year: 2013 (NET)

Question

Assertion-Reason▾

Assertion(Ꭺ)

In the short run under perfect competition, given the market demand and market supply the industry is in equilibrium at that price which clears the market. (December)

Reason(Ꭱ)

In the long run, all the firms in the industry earn profit.

Choices

Choice (5)Response

a.

Both Ꭺ and Ꭱ are true and Ꭱ is the correct explanation of Ꭺ

b.

Both Ꭺ and Ꭱ are true but Ꭱ is NOT the correct explanation of Ꭺ

c.

Ꭺ is true but Ꭱ is false

d.

Ꭺ is false but Ꭱ is true

e.

Both Ꭺ and Ꭱ are false

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