Microeconomics [GATE (Graduate Aptitude Test in Engineering) Economics]: Questions 1 - 4 of 219

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Question 1

Microeconomics
Market Structures

Appeared in Year: 2014 (UGC NET)

Question

Assertion-Reason▾

Assertion(Ꭺ)

The concept of supply curve is meaningless for the monopolist. (June)

Reason(Ꭱ)

Monopolists are price setters; it does not make any use to ask what output they would produce at various prices.

Choices

Choice (4)Response

a.

Ꭺ is true but Ꭱ is false

b.

Both Ꭺ and Ꭱ are false

c.

Ꭺ is false but Ꭱ is true

d.

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

Question 2

Microeconomics
Market Structures

Appeared in Year: 2014 (UGC NET)

Question

MCQ▾

The practice of charging each consumer the reservation price is called (June)

Choices

Choice (4)Response

a.

Third degree price discrimination

b.

Peak load pricing

c.

Inter-temporal price discrimination

d.

First degree price discrimination

Question 3

Microeconomics
Cardinal Approach and Ordinal Approach

Appeared in Year: 2014 (UGC NET)

Question

MCQ▾

Who distinguished between value in use and value in exchange and gave the famous example of diamonds and water? (June)

Choices

Choice (4)Response

a.

Alfred Marshall

b.

David Ricardo

c.

Karl Marx

d.

Adam Smith

Question 4

Microeconomics
General Equilibrium Analysis

Appeared in Year: 2017 (UGC NET)

Question

MCQ▾

Which among the following allocation/distribution corresponds to the Rawlsian concept of equity?

Choices

Choice (4)Response

a.

Maximise the utility of the least well off people

b.

Maximise the total utility of all members of the society

c.

Market outcomes are most equitable

d.

All members of the society receive equal amount of goods

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