Fundamentals Of Economics - Fundamentals Of Economics Section 1

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1. The kinked demand curve explains

A
Price rigidity
B
Price flexibility
C
Demand rigidity
D
Demand flexibility

Answer
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Option : A
Explanation :

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2. Imperfect competition was introduced by

A
Marshall
B
Chamberlin
C
Keynes
D
None

Answer
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Option : B
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3. A situation in which the number of competing firms is relatively small is known as

A
Monopoly
B
Perfect competition
C
Monopsony
D
Oligopoly

Answer
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Option : D
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4. Demand is a function of

A
Price
B
Firm
C
Product
D
Cost

Answer
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Option : A
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5. The term group equilibrium is related to

A
Monopolistic competition
B
Oligopoly
C
Duopoly
D
Perfect competition

Answer
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Option : A
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