Microeconomics-Theory of Firm [GATE (Graduate Aptitude Test in Engineering) Economics]: Questions 1 - 3 of 65

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Question 1

Theory of Firm
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

Theory of Firm
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

Theory of Firm
Market Structures

Appeared in Year: 2014 (UGC NET)

Question

Match List-Ⅰ List-Ⅱ▾

Match items in List – I with items in List – II and select the correct answer from the code given below: (June)

List-Ⅰ (Group I)List-Ⅱ (Group II)
(A)

The Screening Hypothesis

(i)

Paul Miller and Paul A. Volcker

(B)

The problem of moral hazard in the case of medical insurance

(ii)

K. J. Arrow

(C)

Job Market Signalling

(iii)

M. Spencer

(D)

The market for lemons

(iv)

George A. Akerlof

Choices

Choice (4)Response
  • (A)
  • (B)
  • (C)
  • (D)

a.

  • (iv)
  • (i)
  • (ii)
  • (iii)

b.

  • (i)
  • (ii)
  • (iii)
  • (iv)

c.

  • (iv)
  • (iii)
  • (i)
  • (ii)

d.

  • (i)
  • (iv)
  • (iii)
  • (ii)

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