Who gave the concept of ‘Time Element’ in price determination process ?
  • Ricardo
  • Walras
  • Marshall
  • J. K. Mehta
How many categories of production duration have been made by Marshall on the basis of supply ?
  • Two
  • Three
  • Four
  • Seven
Which statement is correct ?
  • In very short period, supply is perfectly inelastic, price is affected by both demand conditions.
  • Supply curve elasticity depends on time period
  • Both (a) and (b)
  • None of the above
Market Price is found in:
  • Short Period Market
  • Long Period Market
  • Very Long Period Market
  • None of these
The price of a good is determined by:
  • Demand
  • Supply
  • Both demand and supply
  • Government
Market price is associated with:
  • Price of very short period
  • Normal price
  • Permanent price
  • All of these
The price of a goods in perfect competition is determined by:
  • Bargaining
  • Production cost
  • Marginal utility
  • Demand and supply
In perfect competition, a firm:
  • Determines price
  • Obtains price
  • Both (a) and (b)
  • None of these
In very short period, supply will be:
  • Perfectly elastic
  • Perfectly Inelastic
  • Elastic
  • None of these
Which is not a condition for equilibrium of a monopoly form ?
  • Average Revenue = Marginal Cost
  • Marginal Revenue = Marginal Cost
  • Marginal Cost should cut the Marginal Revenue Curve from below
  • Both (b) and (c)
In perfect competition, these is……. profit
  • Normal
  • Maximum
  • Zero
  • None of these
A Seller Cannot influence the market price under:
  • Perfect Competition
  • Monopoly
  • Monopolistic Competition
  • All of these
Which determines the equilibrium price ?
  • Demand
  • Supply
  • Both (a) and (b)
  • None of the above
Which is the component of factor price determination ?
  • Rent
  • Wages
  • Interest
  • All of these
Price of a goods is determined at a point where :
  • Demand > Supply
  • Demand < Supply
  • Demand = Supply
  • None of these
None of these Rent is = ?
  • Actual Income – Transfer Earnings
  • Actual Income + Transfer Earnings
  • Transfer Earnings
  • None of these
Main feature of perfectly competitive market is:
  • Uniform price
  • Homogeneous product
  • Large number of buyers and sellers
  • All of the above.
The market in which there is free entry and exit is:
  • Monopolistic competition market
  • Imperfect competition market
  • Perfect competitions market
  • None of these.
There is inverse relation between demand and price of goods in:
  • Only monopoly
  • Only monopolistic competition
  • Both (a) and (b)
  • Only perfect competition.
According to which economist “Price of a commodity is determined by the forces of demand and supply”:
  • Jevons
  • Valros
  • Marshall
  • None of these.
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