Different firms constituting the industry, produce homogeneous goods under

Related MCQs

• The value of the output of all goods and services produced within a nation's borders, normally given as a total for the year. It thus includes the production of foreign owned firms within the country, but excludes the income from domestically owned firms located abroad, is called:
• Money placed in an account at a financial institution and constituting a claim on it is known as
• Preferential treatment for firms that sell their products abroad, compared with firms that sell to the home market; is called:
• A situation of large number of firms producing similar goods is termed as :
• The real capital formation e.g., the production or maintenance of machinary or construction that will produce a stream of goods and services is called
• Under which market condition do firms have excess capacity?
• Under perfect competition, the industry does not have any excess capacity because each firm produces at the minimum point on its -
• A trade of goods and services in the exchange for other goods or services rather than for money is known as:
• The goods and services produced by one country that are sold in exchange for the second country’s own goods and services or for foreign exchange are called
• The excess of the value of imports of goods and services over the value of exports of goods and services is called: