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Q. As If a few large firms dominate an industry the market is known as:

Q. If you know that with 8 units of output, average fixed cost is Rs.12.50 and average variable cost is Rs.81.25, then total cost at this output level is:

Q. A plan of action that considers the reactions of rivals is an example of

Q. Which is an explanation for why the demand curve is down sloping?

Q. ______ shows the overall output generated at a given level of input:

Q. If the cross-price elasticity between two goods is negative, the two goods are likely to be:

Q. A consumer is in equilibrium and is spending income in such a way that the marginal utility of product X is 40 units and Y is 16 units. The unit price of X is Rs.5. The price of Y is:

Q. In oligopoly:

Q. If you know that the marginal utility per rupees spent on product Alpha is less than the marginal utility per rupees spent on product Beta, consumers who spend all their income on these two products can:

Q. A strategy that is best regardless of what rival players do is called