AP (Advanced Placement) Microeconomics: Questions 91 - 94 of 398

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Question 91

Appeared in Year: 2015 (NET)

Question

MCQ▾

In which of the following market situation are the firms mutually interdependent in pricing and output decision? (June)

Choices

Choice (5)Response

a.

Monopoly

b.

Monopsony

c.

Monopolistic competition

d.

Oligopoly

e.

None of the above

Question 92

Appeared in Year: 2015 (NET)

Question

MCQ▾

Limit price refers to the: (June)

Choices

Choice (5)Response

a.

Price which prevent entry of new firms

b.

Price which maximizes the profits of the firm

c.

Price at which firm just starts earning a surplus over cost

d.

Maximum price which the firm is allowed to charge

e.

All of the above

Question 93

Appeared in Year: 2016 (NET)

Question

MCQ▾

Which of the following statements is/are true for Arrow-Debreu model of general equilibrium? (Paper III)

Choices

Choice (5)Response

a.

finite numbers of consumers and production units

b.

every producer maximizes profit and every consumer maximizes utility

c.

Both a. and b. are correct

d.

None of the above

e.

Question does not provide sufficient data or is vague

Question 94

Appeared in Year: 2015 (NET)

Question

MCQ▾

In perfect competition, Wages is determined where:

  1. demand for labour = supply of labour
  2. MRP of labour = Marginal wage
  3. MRP of labour = ARP
  4. MRP of labour = average wage

Select the correct combination from above: (December)

Choices

Choice (5)Response

a.

(1) and (3)

b.

(1) and (4)

c.

(1) and (2)

d.

(3) and (4)

e.

All of the above

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