Microeconomics Quiz

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