WorksheetsMicroeconomics Quiz
Total questions: 10
Worksheet time: 5mins
The economist _____ introduced the objective of sales maximisation.
Adam Smith
Alfred Marshall
William Baumol
Another name for the sales maximisation hypothesis is ______
Profit maximisation
Revenue maximisation
Utility maximisation
The sales maximisation hypothesis is said to be subject to a ______
Minimum profit constraint
Maximum profit constraint
Zero loss constraint
A _____ is a place or locality where goods are sold and purchased
Firm
Industry
Market
______ is said to prevail when there are a large number of firms producing homogeneous products
Oligopoly
Perfect competition
Imperfect competition
Which of the following is not a feature of perfect competition
Large number of firms
Free entry and exit in the long run
Differentiated products
_____ is a market structure wherein a large number of firms produce differentiated products
Perfect competition
Monopolistic competition
Oligopoly
_____is a market structure wherein few firms produce homogeneous products
Monopoly
Pure oligopoly
Differentiated oligopoly
The sufficient condition for equilibrium under perfect competition is ______
MR curve cuts the MC curve from below
MC curve cute the MR curve from above
MC curve cuts the MR curve from below
_____ is a market structure wherein a single producer produces a product with no close substitutes
Monopoly
Monopolistic competition
Pure oligopoly
