Question QFB1 : Any two points on an indifference curve generate the same level of ___
Answer: Utility
Question QFB2 : The curve that shows that all bundles are equally preferred, or have the same utility or same level of satisfaction is _________ curve
Answer: Indifference
Question QFB3 : The assumption of __________ means that the consumer must be able to say that they prefer commodity bundle A to B, or B to A, or that bundles A and B provide the same level of utility.
Answer: Decisiveness
Question QFB4 : Change in utility due to an increase in the consumption of a given good is defined as ÂÂÂÂÂÂÂÂÂ__________ utility
Answer: Marginal
Question QFB5 : The maximum amount of good Y the consumer would be willing to give up obtaining an additional unit of X is reflected by __________
Answer: MRS
Question QFB6 : __________ is defined as the level of satisfaction connected with alternative choices.
Answer: Utility
Question QFB7 : The demand of factor of production is a__________.
Answer: Derived demand
Question QFB8 : The aggregate satisfaction obtained from all units of a particular commodity consumed over a period of time is __________.
Answer: Total utility
Question QFB9 : The demand for input is called __________
Answer: Derived demand
Question QFB10 : The difference between total utility derived from one level of consumption and total utility derived from another level of consumption is __________.
Answer: Marginal utility
Question QFB11 : Total utility will decline only if marginal utility is____________
Answer: Negative
Question QFB12 : If a good causes problem for a consumer we say it has__________
Answer: Disutility effect
Question QFB13 : ___________ is best defined as the structural/organisational and other characteristics of a market.
Answer: Market structure
Question QFB14 : ____________ is the total amount of money that the firm receives by selling a certain quantity of output
Answer: Total revenue
Question QFB15 : The total revenue for a firm which is selling 10 television sets at N21, 000 each is ________________.
Answer: N210,000
Question QFB16 : Revenue earned by selling additional unit of output is called ________
Answer: marginal revenue
Question QFB17 : The __________of a firm is the total amount of money that the firm receives by selling a certain quantity of output
Answer: total revenue
Question QFB18 : The utility approach assumes that consumer satisfaction is measurable on a(an)__________scale.
Answer: Cardinal
Question QFB19 : The true __________ exists where there is only one seller of a product for which no close substitute is available.
Answer: Monopoly
Question QFB20 : __________ is a pricing strategy that enables monopolist to charge customers different prices for the same goods or service.
Answer: Price discrimination
Question QFB21 : When total utility increases, marginal utility is positive and ________
Answer: Declining
Question QFB22 : Firms operating in a perfect competitive market are price _________
Answer: Takers
Question QFB23 : To maximize utility subject to budget constraint, the ratio of marginal utility to price should be the ___________ for all goods
Answer: Same
Question QFB24 : ________ theory is an attempt to explain how income is distributed among the factors of production.
Answer: Distribution
Question QFB25 : The MRS can be portrayed as the slope of ____________
Answer: Indifference curve
Question QFB26 : ___ may engage in Stackelberg competition if one has some sort of advantage enabling it to move first
Answer: Firms
Question QFB27 : A ______________ competitive market has characteristics of both perfect competition and monopoly
Answer: Monopolistic
Question QFB28 : The relative price of good X in terms of good Y is shown by the _________ of the budget line
Answer: Slope
Question QFB29 : A firm maximises its profits by producing the level of output at which ____________equals marginal cost
Answer: Marginal revenue
Question QFB30 : ___________ encourage new firms to enter a competitive market.
Answer: Economic profits
Question QFB31 : Second Degree _____ is when a monopolist uses quantity to discriminate clients as he/she charged different prices based on how much they purchased
Answer: Price Discrimination
Question QFB32 : Monopolists know that client’s willingness to buy decrease as more units are ____
Answer: Purchased
Question QFB33 : Third Degree _____ is when the monopolist divides the clients into different groups according to their willingness to pay as measured by their price elasticity of demand
Answer: Price Discrimination
Question QFB34 : _________ is characterised by mutual interdependence among firm; each firm make its policy with an eye to the policies of competing firms.
Answer: Oligopoly
Question QFB35 : Marginal revenue equals the market price for a firm facing a perfectly ____ demand curve
Answer: Elastic
Question QFB36 : Cost of the factor refers to the expenditure incurred on employment of the___________
Answer: Factors of production
Question QFB37 : The demand for factors of production is a_______ demand.
Answer: Derived
Question QFB38 : ___________ of demand for factors is referred to as the degree of responsiveness of demand for the various factors to changes in their prices.
Answer: Elasticity
Question QFB39 : The buyers and sellers of a factor in a perfectly competitive market are called___________
Answer: Price takers
Question QFB40 :
__________ refers to extra unit of output as a result of the employment of an extra unit of labour while keeping the application of other factors fixed.
Answer: Marginal productivity
Question QFB41 : A market structure where there are a few sellers with similar or identical products is a ____________market
Answer: Oligopoly
Question QFB42 : ________is a term used to describe a firm that has control over the terms and conditions of exchange
Answer: Market power
Question QFB43 : ____________revenue is equal to price in both competitive and non-competitive markets
Answer: Average
Question QFB44 : _________ is referred to as the net gain from trade
Answer: Consumer surplus
Question QFB45 : ________ shows how much of one good that the consumer must necessarily give up to obtain more of another.
Answer: Relative price
Question QFB46 : A ___________firm will produce at the point at which P = MC, as long as P > AVC.
Answer: Perfect market
Question QFB47 : The demand curve facing a monopoly firm is the________ demand curve
Answer: Market
Question QFB48 : If a good causes problem for a consumer, we say it has _________effect.
Answer: Disutility
Question QFB49 : Deadweight loss may understate the cost of monopoly as a result of either X-inefficiency or ___________ behaviour on the part of monopolies.
Answer: rent-seeking
Question QFB50 : __________Utility theory does not use utile as a unit of measurement
Answer: Ordinal
Question QMC1 : Non-satiation connotes the expression that _________
Answer:
Question QMC2 : Utility is defined as the __________
Answer:
Question QMC3 : The relationship between wages and leisure time for a worker is_________________
Answer:
Question QMC4 : Which would be the most characteristic of oligopoly__________?
Answer:
Question QMC5 : If an oligopolistic incurs losses in the short run, then in the long run___________
Answer:
Question QMC6 : Which of the following contributes to the existence of oligopoly in an industry_________?
Answer:
Question QMC7 : A firm in perfectly competitive market has a cost function of the form C = 5000 – 10Q + Q2. Find the profit – maximizing quantity for the firm if the market price P is N200. Calculate the profit as a function Q ___________.
Answer:
Question QMC8 : Which of the following contributes to the existence of oligopoly in an industry______?Â
Answer:
Question QMC9 : Which would best define the characteristics of a pure monopoly___________Â
Answer:
Question QMC10 : A barrier to entry that significantly contributes to the establishment of a monopoly would be____________
Answer:
Question QMC11 : In a perfect competitive market______.
Answer:
Question QMC12 : __________is considered to be a mixture of both perfectly competitive market and monopoly market
Answer:
Question QMC13 : Which would be most characteristic of monopolistic competition_________?
Answer:
Question QMC14 : In the short run, a typical monopolistically competitive firm will earn_______________.
Answer:
Question QMC15 : If monopolistic firms enter the industry in the long run________.
Answer:
Question QMC16 : What is the situation when firms in an industry reach an agreement to fix prices, divide up the market, or otherwise restrict competition called __________?
Answer:
Question QMC17 : At present output a monopolist determines that its marginal cost is N18 and its marginal revenue is N21. The monopolist will maximize profits or minimize losses by______________?
Answer:
Question QMC18 : In long-run equilibrium, the pure monopolist (as opposed to the perfectly competitive firm) can make pure profits because of _.
Answer:
Question QMC19 : Profit must be equal to zero for a typical firm in the long run equilibrium because_.
Answer:
Question QMC20 : Utility is defined as ________
Answer:
Question QMC21 : When the monopolist is maximizing total profits or minimizing losses________?
Answer:
Question QMC22 : The supply curve for a pure monopolist__________.
Answer:
Question QMC23 : In indifference curve analysis, the consumer will be in equilibrium at the point where the__________.
Answer:
Question QMC24 : With reference to the Cournot model, determine which of the following statements is false.
Answer:
Question QMC25 : Payment received by households from the sale of resources and resource services are called_.
Answer:
Question QMC26 : If the monopolist incurs losses in the short run, then in the long run_.
Answer:
Question QMC27 : Â The model of perfect competition assumes that______________.
Answer:
Question QMC28 : A profit maximizing firm selling its product in a competitive market should hire a single variable input up to the point where_.
Answer:
Question QMC29 : In______ utility theory, utile, is a unit of measure of utility
Answer:
Question QMC30 : When input A is the only variable input for an imperfect competitor in the product market, the firm’s demand for input A is given by its_.
Answer:
Question QMC31 : Over time, an increase in wages in one labour market, relative to others, will_.
Answer:
Question QMC32 : The aggregate satisfaction obtained from all units of a particular commodity consumed over a period of time is ________.
Answer:
Question QMC33 : If demand decreases (shift left) the short-run market response will be a(n)______.
Answer:
Question QMC34 : Third degree price discriminating monopoly result in_.
Answer:
Question QMC35 : In perfect competitive market_.
Answer:
Question QMC36 : ________is the change in the total utility that results from additional one unit of consumption
Answer:
Question QMC37 : The analysis of monopoly indicates that the monopolist_________________
Answer:
Question QMC38 : The law of __________ states that consumption of any item yields the consumer declining utility holding taste constant.
Answer:
Question QMC39 : The concern that monopolistically competitive firms express about product attributes, services to consumers, or brand names are aspects of__________.
Answer:
Question QMC40 : A monopolist Is a ________
Answer:
Question QMC41 : ____________ encourages new firms to enter a competitive market
Answer:
Question QMC42 : In the short run, perfectly competitive firms will maximize profit where________.
Answer:
Question QMC43 : As long as a firm can cover its average variable cost, it minimizes losses by continuing to_________
Answer:
Question QMC44 : The point where price equals _________is the short-down point.
Answer:
Question QMC45 : __________is a single producer of a product, which does not have close substitute.
Answer:
Question QMC46 : For a monopolist firm, marginal revenue will be less than
Answer:
Question QMC47 : _________is a pricing strategy that enables monopolist to charge customers different prices for the same or service.
Answer:
Question QMC48 : At present output a monopolist determines that its marginal cost is N18 and its marginal revenue is N21. The monopolist will maximize profits or minimize losses by______________?
Answer:
Question QMC49 : Which is not a condition for practicing price discrimination
Answer:
Question QMC50 : ________occurs if monopolies have less incentive to produce output in a least-cost manner since they are not threatened with competitive pressures.
Answer:
