Exam (elaborations)
Exam (elaborations) Econ 1120 Microeconomic MCQS (solved)
- Course
- Institution
- Book
Exam (elaborations) Econ 1120 Microeconomic....test your knowledge about Microeconomics with this final exam review
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
BA Exam (elaborations) Econ Microeconomics
-
ECS4862 Assignment 3 (COMPLETE ANSWERS) 1 2024 - DUE 16 August
-
ECS4862 Assignment 3 (COMPLETE ANSWERS) 1 2024 - DUE 16 August
Seller
Follow
Studycenter
Content preview
Multiple Choice QuestionsEC010201 – Microeconomics II
Second Semester PG Private
1) Under Oligopoly, a single seller cannot influence significantly
A. Market Price
B. Quantity Supplied
C. All of the above
2) Average Cost pricing is also called
A. Cost plus pricing
B. Marginal Cost Pricing
C. Margin Pricing
D. Both A & C
3) A cost that is already been incurred and that cannot be recovered
A. Fixed Cost
B. Average Cost
C. Sunk Cost
4) The author of the book ‘ The Nature of the firm’
A. Alfred Marshall
B. A C Pigou
C. Ronald Coase
5) The system of relationships which comes into existence when the direction of resources
is dependent on an entrepreneur
A. Firm
B. Supplier
C. Buyer
6) According to Ronald Coase, the major reason for the emergence of Firm
A. Cost of using price mechanism
B. Marketing Costs can be reduced
C. Economizing transaction cost
,7) A pricing strategy where products are sold at a low price to make it unprofitable for other
firms to enter the market
A. Marginalist Cost Price
B. Average Cost price
C. Low Cost Price
8) According to Alchian & Demsetz, the major reason for the emergence of Firm
A. Benefits of team production
B. Economizing transaction cost
C. Failure of price mechanism
9) According to Oliver Williamson, the major reason for the emergence of Firm
A. Maximisation of profit
B. Minimisation of Cost
C. Economizing transaction cost
10) The situation in which one party to a transaction takes advantage of knowing more than
the other party to the transactions
A. Moral Hazard
B. Adverse Selection
C. Opportunism
11) The situation in which an economic actor has the incentive to increase its exposure to
risk because it does not bear the full costs of that risk
A. Moral Hazard
B. Adverse Selection
C. Bounded Rationality
12) In which market, can AR curve be kinked
A. Perfect Competition
B. Monopoly
C. Oligopoly
13) A firm’s ability to be better off than its competitors as a result of being first to market in a new
product category
A. Bounded Rationality
, B. Asset Specificity
C. First Mover Advantage
14) The firms charge price less that profit maximizing price because of the
threat of
A. Actual Entrants
B. Loss of Market
C. Potential Entrants
15) Market in which there are only a few firms
A. Duopoly
B. Monopsony
C. Oligopoly
16) A characteristic of transactions in which the parties to a contract are inclined to
operate opportunistically in the presence of uncertainty and complexity
A. Information impactedness
B. Opportunism
C. Human Attributes
17) If in an Oligopolistic market, competing firms are producing heterogeneous products,
the market form is called
A. Pure Oligopoly
B. Differentiated Oligopoly
C. Bilateral Monopoly
18) The behaviour of individuals who seek their self interest in deceitful ways during a business
transaction
A. Capitalism
B. Optimism
C. Opportunism
19) One example of collusive oligopoly is
A. Cournot Model
B. Price Leadership Model
C. Stackelberg Model
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Studycenter. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76462 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
Recently viewed by you
