Economics 2

They are the curves that represents various combinations of two inputs that produce the same amount of output.

• Isoquant

• Long run curve

• Short run curve

• Marginal cost curve

The ratio of the percentage change in quantity demanded to the percentage change in price; measures the responsiveness of quantity demanded to changes in price.

• Elasticity of demand

• Price elasticity

• Income elasticity

• Cross elasticity

Large No of firms with homogeneous products is a feature of

• Oligopoly

• Perfect competition

• Monopoly

• Monopolistic

A single producer, without close substitute is a feature of

• Monopoly

• Monopolistic

• Oligopoly

• Perfect competition

Many firms with real or perceived product differentiation is a feature of

• Monopoly

• Monopolistic

• Oligopoly

• Perfect competition

Few firms with little or no product differentiation is a feature of

• Monopoly

• Monopolistic

• Oligopoly

• Perfect competition

Manufacturing: tea, toothpastes, soaps, TV sets, shoes, refrigerators etc is the nature of product prevalent in which industry

• Monopoly

• Monopolistic

• Oligopoly

• Perfect competition

Kinked demand curve is associated with

• Monopoly

• Monopolistic

• Oligopoly

• Perfect competition

Long run cost curve is also called envelope curve

• True

• False