[BA 3rd Sem Question Papers, Dibrugarh University, 2012, Economics, Major, Microeconomics]
1. Choose the correct one/Answer the following: 1x8=8
- In perfect competition, the perfect knowledge about the market implies
- Consumers know prices.
- Producers know costs.
- Workers know wage rate.
- All of the above.
- The shut-down price is equal to
- Average cost.
- Marginal cost.
- Average variable cost.
- Marginal revenue.
- Which of the following forms of market has only one buyer?
- Monopoly.
- Discriminating Monopoly.
- Monopsony.
- Duopoly.
- Who among the following has introduced the concept of Quasi-rent?
- Hawley.
- Marshall.
- Ricardo.
- Keynes.
- Mention one situation when price discrimination is socially desirable.
- What factors give monopoly power to a firm in monopolistic competition?
- Who developed Innovation Theory of Profit?
- Mention the condition of general equilibrium in production.
2. Write short notes on any four of the following: (within 150 words each): 4x4=16
- Sources of monopoly power.
- Scarcity vs. differential rent.
- Adding-up controversy.
- Collective bargaining.
- Breakeven point.
- Bilateral monopoly.
3. (a) Discuss the equilibrium of a firm under perfect competition both in the short run and long run with the help of a suitable diagram. 11
Or
(b) Short-run supply for competitive industry satisfies the law of supply. Why? Also show how long-run supply curve is derived under increasing cost industries. 5+6=11
4. (a) What are the necessary conditions of price discrimination? Show how a profit maximizing discriminating monopolist allocates his output between two markets and charges different prices. 4+8=12
Or
(b) Distinguish between a Monopoly and a Monopsony market. Explain long-run equilibrium of a monopoly firm. 4+8=12
5. (a) Explain, with the help of a diagram, price and output determination in a monopolistic competitive market. 11
Or
(b) Define oligopoly. What are its characteristics? Briefly explain different types of oligopoly.
2+4+5=11
6. (a) Distinguish between MRPL and VMPL. How is wage rate determined under the condition of monopolist in the product market and perfect competition in the labour market? 2+9=11
Or
(b) Explain critically Keynes Theory of Interest. 11
Also Read: Dibrugarh University Question Papers
7. (a) What is general equilibrium? Explain general equilibrium of an exchange economy. 3+8=11
Or
(b) What is meant by interrelations and interdependence of market? Illustrate how a change in one market affects the equilibrium of another related market. 5+6=11
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