[BA 3rd Sem Question Papers, Dibrugarh University, 2013, Economics, Major, Microeconomics - II]
1. Choose and write the correct one of the following: 1x8=8
- If the firms under perfect competition have different costs, normal profit will be earned by
- The marginal firm.
- The intramarginal firm.
- All the firms.
- None of the above.
- In perfectly competitive market
- Firm is the price giver and industry is the price taker.
- Firm is the price taker and industry is the price giver.
- Both are price takers.
- None of the above.
- Price discrimination is possible if two markets have
- Rising cost curves.
- Declining cost curves.
- Different elasticity of demand.
- Equal elasticity of demand.
- Which of the following is a characteristic of monopolistic competition?
- Large number of firms and homogeneous product.
- Single firm and differentiated product.
- Large number of firms and differentiated product.
- Only a few firms and similar product.
- The slope of the MR curve in monopoly market is ____ that of the AR curve.
- Twice.
- Half.
- One-third.
- Thrice.
- Monopolistic competition and oligopoly are alike in terms of
- Non-price competition.
- Strong mutual interdependence among firms.
- Kinked demand analysis.
- The number of firms.
- Economic rent is earned by a factor when its
- Supply is perfectly elastic.
- Supply is inelastic.
- Supply is more than its demand.
- None of the above.
- Externality refers to
- External economies.
- External diseconomies.
- Both (i) and (ii).
- Neither (i) nor (ii).
2. Write short notes on any four of the following: (within 150 words each): 4x4=16
- Normal profit.
- Monopsony.
- Selling cost.
- Price leadership.
- The efficiency of competitive market.
- Quasi-rent.
3. (a) Show graphically how long-run supply curves of an industry are derived in perfect competition under different cost conditions. 11
Or
(b) What is meant by equilibrium of a firm? Analyze the essential difference in the nature of equilibrium of a firm under perfect competition in the short run and in the long run with diagrams. 2+9=11
4. (a) Compare the equilibrium price and output of a monopolist and a perfectly competitive firm. 11
Or
(b) Why should Government control monopoly price? Under what condition is monopoly economically desirable? Explain the criteria for price control. 2+2+7=11
5. (a) Illustrate how a firm in monopolistic competition reaches its equilibrium in the short run. Does a firm in equilibrium in monopolistic competition always make supernormal profit? 9+2=11
Or
(b) Mention the properties of monopolistic competition. Can monopolistic competition ensure economic efficiency? Justify your answer. 3+8=11
6. (a) Explain the process of wage rate determination under perfectly competitive and imperfectly competitive factor markets. 6+6=12
Or
(b) Explain Ricardo’s theory of rent. Explain the modifications made by the modern theory over the Ricardo’s theory of rent. 6+6=12
Also Read: Dibrugarh University Question Papers
7. (a) What is general equilibrium? Illustrate the interrelationship and interdependence of markets. 3+8=11
Or
(b) Analyze the concepts of efficiency in exchange and efficiency in production. What is market failure? State the factors that cause market failure. 6+2+3=11
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