Email: bbcnoun@gmail.com
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ECO719

  Question: Perfect competition means there are few, if any, barriers to entry for new companies, and prices are determined by supply and	
Answer:  demand

 Question: The true	exists where there
is only one seller of a product for which no close substitute is available
Answer:  monopoly

Question:	refers to extra unit of output
or product as a result of the employment of an extra unit of labour while keeping the application of other factors fixed
Answer:  Marginal Productivity

Question:	monopolist uses quantity to
discriminate clients as s/he charged different prices based on how much
Answer:  Second-degree price discrimination

Question:	firms generally rely on non-
price methods of competition because they realise that price competition is ineffective
Answer:  Oligopolistic

Question: The Coumot-Nash model is the simplest	
Answer:  oligopoly model

 Question: An	is where there are a few
sellers with similar or identical products
Answer:  oligopoly

 Question: A monopolistic competitive market has characteristics of both perfect competitive and	
Answer:  monopoly

Question: The theory of distribution is an
attempt to explain how	is distributed
among the factors of production
Answer:  income

Question: In StackelbergVs model of
duopoly, the players of this game are a	
and a follower and they compete on quantity
Answer:  leader

        
 Question: Market power means that the	
has control over the terms and conditions of exchange
Answer: firm

Question:	monopolist charges the
maximum price each client is willing to pay
Answer:  First-degree price discrimination



Email: bbcnoun@gmail.com
Whatsapp/Telegram: 08131667008