Business Economics

The knicked demand curve explains

• Price rigidity

• Price flexibility

• Demand rigidity

• Demand flexibility

Imperfect compitition was introduced by

• Marshall

• Chamberlin

• Keynes

• None

A situation in which the number of competing firms are relatively small

• Monopoly

• Oligopoly

• Monopsony

• Perfect competition

Demand is a function of

• Price

• Cost

• Product

• Firm

The term group equilibrium is related to

• Monopolistic competition

• Oligopoly

• Duopoly

• Perfect competition

A situation where there is only one buyer

• Monopoly

• Oligopoly

• Monopsony

• Perfect competition

Elasticity of demand measure

• Sensitivity of sales to change in a particular causal factor

• Sensitivity of production to change in a particular cost

• Value of price and cost

• Volume of product

A market in which only two firms exists

• Oligopoly

• Duopoly

• Duopsony

• Oligopoly

Value maximization theory fails to address the problem of

• Self serving management

• Risk

• Uncertainty

• Sluggish growth

Selling cost have to be incurred in case of

• Perfect competition

• Imperfect competition

• Monopolistic competition

• None