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Exam (elaborations) Econ 1120 Microeconomic MCQS (solved)
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BA Exam (elaborations) Econ Microeconomics
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ECS4862 Assignment 3 (COMPLETE ANSWERS) 1 2024 - DUE 16 August
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ECS4862 Assignment 3 (COMPLETE ANSWERS) 1 2024 - DUE 16 August
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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
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