If a firm sells its output on a market that is characterized by a single seller and many buyers of a homogeneous product for which there are no close substitutes and barriers to long-run resource mobility, then the firm is

Related MCQs

• If a firm sells its output on a market that is characterized by many sellers and buyers, a homogeneous product, unlimited long-run resource mobility, and perfect knowledge, then the firm is a
• If a firm sells its output on a market that is characterized by many sellers and buyers, a differentiated product, and unlimited long-run resource mobility, then the firm is
• If a firm sells its output on a market that is characterized by few sellers and many buyers and limited long-run resource mobility, then the firm is
• An increase in output in a perfectly competitive and constant cost industry which is in longrun equilibrium will come
• Under monopolistic competition, an increase in the number of firms producing close substitutes will make the demand curve of each firm
• ________ is a market in which there are only a few large buyers for a product or service.
• The market in which there is a single seller is called
• Differentiated but close substitutes exist under:
• A monopolist produces 14,000 units of output and charges Rs.14 per unit. Its marginal revenue is Rs.8, its marginal cost is Rs.7 and rising, its average total cost is Rs.10, and its average variable cost is Rs.9. The monopolist should
• Suppose a competitive firm produces 100 units of X for a price of Rs.10 a unit. The firm is employing labour and capital such that the marginal physical product of labour and capital is 20 and 5 and the prices paid to labour and capital are Rs. 60 and Rs. 40 respectively. How would you characterize the firm