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GK Set-1
Economics
Micro Economics
235

Micro Economics MCQ (GK Set-1) with Answers

235) choose the correct option: 1.Monopolists are price takers 2.A monopoly is the sole seller of a product with no close substitutes

1-F,2-T,3-F

1-T,2-T,3-F

1-F,2-F,3-T

1-T,2-T,3-T

Answer is:

1-F,2-T,3-F

Micro Economics MCQ (GK Set-1) with Answers

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Related Micro Economics MCQ (GK Set-1) with Answers

236) choose the correct option:1.The demand curve facing a monopolist is the market demand curve for its product. 2.For the monopolist, marginal revenue is always less than the price of the good

1-T,2-T,3-T

1-T,2-T,3-F

1-F,2-F,3-T

1-F,2-T,3-F

Answer is:

1-T,2-T,3-T

237) choose the correct option:1.A monopolist produces an efficient quantity of output but it is still inefficient because it charges a price that exceeds marginal cost and the resulting profit is a social cost

1-F,2-T,3-T,4-T

1-F,2-T,3-F,4-T

1-F,2-F,3-T,4-T

1-T,2-F,3-F,4-F

Answer is:

1-F,2-T,3-T,4-T

238) Which of the following is not a barrier to entry in a monopolized market?

A single firm is very large

The government gives a single firm the exclusive right to produce some good.

The costs of production make a single producer more efficient than a large number of producers.

A key resource is owned by a single firm.

Answer is:

A single firm is very large

239) A firm whose average total cost continually declines at least to the quantity that could supply the entire market is known as a

natural monopoly

perfect competitor

government monopoly

regulated monopoly

Answer is:

natural monopoly

Micro Economics MCQ (GK Set-1) with Answers

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