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Economics (UGC/NET - Paper II & III)

Industrial Organization: Oligopoly, Market Structures, and Pricing Theory

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Questions

Question 1 Multiple Choice (Single Answer)

Which of the following statements is incorrect about market-sharing cartels?

  1. Two firms enter into a market-sharing agreement on the basis of the quota system.
  2. Each firm produces and sells a heterogeneous product which is not a perfect substitute for each other.
  3. There are large number of buyers.
  4. Each firm has its own demand curve having the same elasticity as that of the market demand curve.
  5. Cost curves of the two firms are identical.
Question 2 Multiple Choice (Single Answer)

Which of the following economists introduced the concept of 'price leadership'?

  1. Joe S. Bain
  2. Fisher
  3. Mrs. Robinson
  4. W. Fellner
  5. Andrews
Question 3 Multiple Choice (Single Answer)

Who said that advertisements can become a life-and-death matter under oligopoly?

  1. Chamberlein
  2. Cournot
  3. Baumol
  4. Sweezy
  5. Stakelberg
Question 4 Multiple Choice (Single Answer)

Which of the following statements is incorrect about low-cost price leadership model in an oligopolistic firm?

  1. There are two firms.
  2. There are few buyers.
  3. They have identical demand and marginal revenue curves.
  4. The market industry demand curve for the product is known to both the firms.
  5. The costs of the firms differ; one is a low-cost firm and the other is a high-cost firm.
Question 5 Multiple Choice (Single Answer)

Which of the following is false for Clark's Product Exhaustion approach?

  1. There is perfect competition in product markets as well as factor markets.
  2. Prices and wages are manipulated by collusive agreements.
  3. There is a single wage rate for all occupations.
  4. The same commodities are produced in the same quantities and by the same methods.
  5. The quantity of each factor is given.
Question 6 Multiple Choice (Single Answer)

Match the following.

 
List - I List - II
1. Price Theory and Oligopoly (i) J. F. Due
2. The Nature of Capital and Income (ii) A. C. Pigou
3. Government Finance - Economics of Public sector (iii) K. W. Rothschild
4. The Economics of Welfare (iv) I. Fisher
  1. 1 - (i), 2 - (iii), 3 - (iv), 4 - (ii)
  2. 1 - (iv), 2 - (iii), 3 - (i), 4 - (ii)
  3. 1 - (ii), 2 - (iv), 3 - (i), 4 - (iii)
  4. 1 - (iii), 2 - (iv), 3 - (i), 4 - (ii)
  5. 1 - (i), 2 - (iv), 3 - (iii), 4 - (ii)
Question 7 Multiple Choice (Single Answer)

Match the following
List - I List - II
1. The theory of market economy (i) Simon
2. Demand under conditions of oligopoly (ii) Barle and Means
3. The modern corporation and private property (iii) Sweezy
4. Theories of decision making in economics and behavioural science (iv) Stackelberg
  1. 1 - (i), 2 - (iii), 3 - (iv), 4 - (ii)
  2. 1 - (iv), 2 - (iii), 3 - (ii), 4 - (i)
  3. 1 - (iii), 2 - (iv), 3 - (ii), 4 - (i)
  4. 1 - (i), 2 - (ii), 3 - (iii), 4 - (iv)
  5. 1 - (iv), 2 - (iii), 3 - (i), 4 - (ii)
Question 8 Multiple Choice (Single Answer)

Match the following.

 
List - I List - II
1. Cournot model (i) 1939
2. Stackelberg model (ii) 1838
3. Sweezy model (iii) 1952
4. G. Means (iv) 1932
  1. 1 - (i), 2 - (iii), 3 - (iv), 4 - (ii)
  2. 1 - (ii), 2 - (iii), 3 - (iv), 4 - (i)
  3. 1 - (ii), 2 - (iii), 3 - (i), 4 - (iv)
  4. 1 - (ii), 2 - (iv), 3 - (iii), 4 - (i)
  5. 1 - (iv), 2 - (iii), 3 - (ii), 4 - (i)
Question 9 Multiple Choice (Single Answer)

Match the following.

 
Group - I Group - II
1. Analysis of differentiated oligopoly (i) Andrews
2. Costing margin (ii) G. Dantzig
3. Cartels (iii) Sylos
4. Linear programming (iv) Fellner
  1. 1 - (iv), 2 - (ii), 3 - (i), 4 - (iii)
  2. 1 - (iii), 2 - (i), 3 - (iv), 4 - (ii)
  3. 1 - (i), 2 - (ii), 3 - (iii), 4 - (iv)
  4. 1 - (iv), 2 - (iii), 3 - (ii), 4 - (i)
  5. 1 - (iv), 2 - (i), 3 - (ii), 4 - (iii)
Question 10 Multiple Choice (Single Answer)

Match the following.

 
Group - I Group - II
1. Behavioural model of rational choice (i) Cyert and March
2. Price behaviour of firms (ii) Williamson
3. Behavioural theory of the firm (iii) H. A. Simon
4. Managerial utility maximisation (iv) A. Silberston
  1. 1 - (i), 2 - (ii), 3 - (iii), 4 - (iv)
  2. 1 - (iv), 2 - (iii), 3 - (ii), 4 - (i)
  3. 1 - (ii), 2 - (iii), 3 - (iv), 4 - (i)
  4. 1 - (iii), 2 - (iv), 3 - (i), 4 - (ii)
  5. 1 - (i), 2 - (iii), 3 - (iv), 4 - (ii)
Question 11 Multiple Choice (Single Answer)

Match the following
List - I List - II
1. Marris (i) Behaviourism
2. Cyert (ii) Minimisation of risk
3. K. W. Roschild (iii) Balanced rate of growth
4. Ben (iv) Long run survival
  1. 1 - (i), 2 - (iii), 3 - (iv), 4 - (ii)
  2. 1 - (iii), 2 - (iv), 3 - (ii), 4 - (i)
  3. 1 - (iii), 2 - (i), 3 - (iv), 4 - (ii)
  4. 1 - (iv), 2 - (iii), 3 - (ii), 4 - (i)
  5. 1 - (i), 2 - (ii), 3 - (iii), 4 - (iv)
Question 12 Multiple Choice (Single Answer)

Match the following
Group - I Group - II
1. Profit maximisation and its implications (i) M. Z. Kafolgis
2. Rules of thumb and optimally imperfect decisions (ii) W. J. Baumol
3. Economic theory and operations analysis (iii) T. Scitovsky
4. Output of the restrained firm (iv) R. E. Quant
  1. 1 - (iv), 2 - (iii), 3 - (ii), 4 - (i)
  2. 1 - (i), 2 - (ii), 3 - (iii), 4 - (iv)
  3. 1 - (i), 2 - (iii), 3 - (iv), 4 - (ii)
  4. 1 - (iii), 2 - (iv), 3 - (ii), 4 - (i)
  5. 1 - (iv), 2 - (ii), 3 - (iii), 4 - (i)
Question 13 Multiple Choice (Single Answer)

Match the following.

 
List - I List - II
1. H. A. Simon (i) 1959
2. A. Silberston (ii) 1963
3. Baumol (iii) 1970
4. Cyert and March (iv) 1964
  1. 1 - (i), 2 - (iii), 3 - (iv), 4 - (ii)
  2. 1 - (ii), 2 - (iii), 3 - (iv), 4 - (i)
  3. 1 - (iv), 2 - (iii), 3 - (ii), 4 - (i)
  4. 1 - (ii), 2 - (i), 3 - (iv), 4 - (iii)
  5. 1 - (iii), 2 - (iv), 3 - (ii), 4 - (i)
Question 14 Multiple Choice (Single Answer)

When the elasticity of demand on every point of the demand curve is equal to one, then the value of its related marginal revenue curve is

  1. equal to one
  2. less than one
  3. more than one
  4. equal to zero
  5. None of the above
Question 15 Multiple Choice (Single Answer)

Which of the following is incorrect?

  1. d(P X Q)MR = dQ
  2. Profit = AR - TC
  3. d(T)(CMC) = dQ
  4. MR = TR(n) - TR(n - 1)
  5. MR = 2(AR)
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