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91.

According to M. Kalecki, the true measure of the degree of monopoly power is the:

A.	Ratio between price and marginal cost	B.	Extent of monopolistic profit enjoyed by the monopolist
C.	Cross-elasticity of demand for the product of the monopolist	D.	Price charged by the monopoliist minus marginal cost of production

92.

A monopolist is able to maximize his profit when:

A.	His output is maximum	B.	He charges a high price
C.	His average cost is minimum	D.	His maginal revenue is equal to marginal cost

93.

Which of the following is not an essential condition of pure competition?

A.	Large number of buyers and sellers	B.	Homogeneous product
C.	Freedom of entry	D.	Absence of transport cost

94.

What is the shape of the demand curve faced by a firm under perfect competition?

A.	Horizontal	B.	Vertical
C.	Positively sloped	D.	Negatively sloped

95.

Which is the first-order condition for the profit of a firm to be maximum?

A.	AC = MR	B.	MC = MR
C.	MR = AR	D.	AC = AR

96.

In which form of the market structure in the degree of control over the price of its product by a firm very large?

A.	Monopoly	B.	Imperfect competition
C.	Oligopoly	D.	Perfect competition

97.

Which is the other name that is given to the average revenue curve?

A.	Profit curve	B.	Demand curve
C.	Average cost curve	D.	Indifference curve

98.

Under which of the following forms of market structure does a firm have no control over the price of its product?

A.	Monopoly	B.	Monopolistic competition
C.	Oligopoly	D.	Perfect competition

99.

Which one of the following is the condition of equilibrium for the monopolist?

A.	MR = MC	B.	MC = AR
C.	MR = MC = Price	D.	AC = AR

100.

The situation of monopolistic competition is created by:

A.	Small number of producers of a commodity	B.	Lack of homogeneity of the product produced by different firms
C.	Imperfection of the market for that product	D.	All of the above