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46. Under monopolist competition, in long run firm may incur a. Profit b. Loss c. Normal profit d. Any of above 47. The process of distinguishing a product or service from others to make it more attractive a. Price competition b. Selling cost c. Non price competition d. Product differentiation 48. The kinked demand curve hypothesis was put forward by a. Alfred Marshall b. Hall and Hitch c. Paul. M. Sweezy d. Jean Robbinson 49. A monopolist practicing dumping, charges a. High price abroad and low price in home market b. Low price abroad and high price in home market c. Same price in both abroad and home market d. Any of above is possible 50. Perfect price discrimination is a. First degree price discrimination b. Second degree price discrimination c. Third degree price discrimination d. Dumping 51. By imposing a lump sum tax, firm under perfect composition face a. Upward shift in AC curve in long run b. Upward shift in AC curve in short run c. Upward shift in MC curve in short run d. Upward shift in MC curve in long run 52. Under constant cost industry, the long run average supply curve is a. Downward sloping b. Upward sloping c. Horizontal d. Vertical 53. In which of the following markets firms are interdependent? a. Monopoly b. Monopolistic competition c. Perfect competition d. Oligopoly 54. Under oligopoly, the price rigidity is the result of a. Product differentiation b. Interdependence among the firms c. Kinked demand curve d. Cartelization of firms 55. As the number of sellers in an oligopoly grows larger, an oligopoly market look like a a. Monopoly b. Perfect competition c. Duopoly d. Monopolistic competition 56. According to Chamberlin, selling cost curve is a. U shaped b. Rectangular hyperbola c. L shaped d. Inverse S shape 57. A monopolist always produces a. Unitary portion of demand curve b. Less elastic portion of demand curve c. More elastic portion of demand curve d. Any of above 58. Under price contol, the government set a maximum price at the level where a. SMC curve cut MR from below b. SMC curve cut the demand curve c. SMC curve AR curve d. SMC = MR 59. A monopolist able to shift burden of which regulation to consumers a. lump sum tax b. price control c. Per unit tax d. All the above 60. The Xerox Corporation requires consumers to purchase its papers along with its machine. This is an example of a. Tying b. Bundling c. Two part tariffs d. mark up pricing 61. Cost functions are derived from a. Demand functions b. Production functions c. Supply functions d. Revenue functions31. The cost incurred by the firm in hiring labour a. Explicit cost b. Marginal cost c. Implicit cost d. Social cost 32. Supply curve is backward bending for a. Land b. Labour c. Capital d. Organization 33. A discriminating monopolist will charge a lower price in the market in which the price elasticity of demand a. Unity b. Lower c. Greater d. Any of above 34. A Cartel aims at maximizing a. Individual profit b. Industrial profit c. Share of output of market d. Good will of members 35. The kinked demand curve is reflected in a discontinuity in a. TR curve b. MC curve c. MR curve d. AR curve 36. Price discrimination under monopoly possible only when a. Price elasticity of demand is same in different market b. Markets should have coordination c. Factors of production among markets should be freely mobile d. price elasticity of demand should be different among markets 37. Kinked demand curve of an Oligopolist is a. Elastic in upper portion but inelastic in lower portion b. Inelastic in upper portion but elastic in lower portion c. Elastic throughout d. Inelastic throughout 38. AFC curve will always be a. Rectangular hyperbola b. U shaped c. Horizontal d. Downward sloping 39. Implicit cost of a factor of production is determined by its a. Sunk cost b. Variable cost c. Fixed cost d. Opportunity cost 40. Economic cost include both a. Explicit cost and implicit cost b. Fixed cost and variable cost c. Explicit cost and prime cost d. Money cost and sunk cost 41. The U shape of MC curve reflects a. Economies of scale b. Law of increasing returns c. Reserve capacity d. Law of variable proportion 42. Under monopolistic competition a. Few firms selling a differentiated product b. Many firms selling a homogeneous product c. Few firms selling a homogeneous product d. Many firms selling a differentiated product 43. Supply curve of land for the economy as a whole is a. Perfectly elastic b. Perfectly inelastic c. Inelastic d. Elastic 44. Envelope curve is a. Long run marginal cost curve b. Long run average cost curve c. Total cost curve d. None of the above 45. In long run, which factor of production is fixed? a. Labour b. Capital c. building d. none of the above15. Total profits are maximized under perfect competition where a. TR exceed TC by the greatest amount b. TR equals TC and TC is rising c. TR equal to TC d. TC exceed TR by the greatest amount 16. Under increasing cost industries, long run supply curve is a. Negatively sloped b. Horizontal c. Positively sloped d. any of the above 17. If factor prices and factor quantities move in opposite direction, we have a. A constant cost industry b. An increasing cost industry c. A decreasing cost industry d. Any of the above 18. At shutdown point a. P = AVC b. TR = TVC c. The total losses of the firm equal TFC d. all the above 19. In short run equilibrium, a perfect competitive firm will a. Incur loss b. No loss No profit situation c. Maximizing its profit d. Any of above is possible 20. The following are the characteristics of perfect competition except a. Government regulations b. Product homogeneity c. Large number of sellers d. Free and exit 21. Monopsony is a market structure which is characterized by a. Single buyer b. Single seller c. Few buyers d. Single buyer and single seller 22. A market with only one seller and only one buyer is called a. Duopoly b. Monopsony c. Bilateral monopoly d. Oligopoly 23. In short run, the monopolist a. Breaks even b. Incurs a loss c. Makes a profit d. Any of the above 24. The Lerner index is a measure of a. A firm's monopoly power b. Peak- load pricing c. An industry's monopoly power d. Collusion in the oligopoly market 25. Under monopoly MR is always a. Less than AR b. Equals to AR c. Greater than AR d. Any of the above 26. In long run a pure monopolist can make profits because of a. High prices b. Blocked entry c. Low cost d. Advertising 27. Maximum exploitation of each buyer in the interest of seller is possible under a. First degree price discrimination b. Second degree price discrimination c. Third degree price discrimination d. All the above 28. An international price discrimination is a. Bundling b. Dumping c. Discounting d. Off-loading 29. If the monopolist incurs losses in short run, then in long run a. He will go out of the business b. He will stay in the business c. He will break even d. Any of above is possible 30. If the demand curve for the product is identical in two separate markets, then by practicing third degree price discrimination, the monopolist a. Will increase profits b. Cannot increase profits c. Will charge different price in different market d. Any of the above is possibleBA Economics - II Semester-Core Course MICRO ECONOMICS -II Multiple Choice Questions 1. The value of the inputs owned and used by the firm in its own production processes is a. Implicit cost b. Marginal cost c. Sunk cost d. Explicit cost 2. MC at any level of output is given by a. Slope of TC curve b. Slope of TVC curve c. Slope of either TC or TVC d. Slope of TFC 3. If a firm's average cost is Rs.32 at 6 units of output and Rs.34 at 7 unit, which one among the following is the marginal cost of producing the 7 unit a. 46 b. 2 c. 36 d. 42 4. Cost function expresses the relationship between a. Cost and price b. Output and cost c. Input and cost d. Output and input 5. A firm's average total cost is Rs.110, its average variable cost is Rs.100 and its output is 50 units. What is its total fixed cost? a. Less than 300 b. Between 400 to 600 c. More than 600 d. Firm has no fixed cost 6. The cost that cannot be recovered once spent a. Accounting cost b. Fixed cost c. Implicit cost d. Sunk cost 7. The saucer-type of modern Short run Average Variable Cost (SAVC) represents a. Excess capacity b. managerial costs c. Load factors d. Reserve capacity 8. The Long run Average Cost curve (LAC) in modern cost theory is roughly a. U shaped b. Saucer shaped c. L shaped d. Rectangular hyperbola 9. Under increasing returns to scale, which of the following is the nature of the long run average cost curve? a. Downward sloping b. Upward rising c. Parallel to output axis d. Identical to short run average cost curve 10. Which of the following has a U shape? a. Average fixed cost curve b. Total cost curve c. Average variable cost curve d. Total variable cost curve 11. For a perfectly competitive firm, the optimum level of output is given by the point where a. MR equals MC b. MR equals AC c. MR exceeds MC by the greatest amount d. MR equal MC and MC is rising 12. Which of the following most closely approximates the perfectly competitive model? a. Cigarette industry b. Rice farming c. Newspaper d. Automobile 13. Short run supply curve of perfectly competitive market is given by a. Rising portion of MC curve b. Rising portion of MC curve over and above its AVC curve c. Rising portion of MC curve over and above its AC curve d. Rising portion of MC curve over and above its MR curve 14. When the perfectly competitive firm and industry are both in long run equilibrium? a. P = MR = SMC =LMC b. P = MR = SAC =LAC c. P = MR = lowest point on the LAC curve d. All the above