Supply Curve in the Short Run and the Long Run

Q. Construct Cost of Living Index Number for the year 2017 from the following statistics:

Commodity	2004 Price	2004 Quantity	2017 Price
A B C D E	25 36 12 6 28	16.0 7.0 3.5 2.5 4.0	35 48 16 10 28

Q.

Earning a profit is considered to be the subsidiary objective of the business.

1. True
2. False

Q. Find Karl Pearson's coefficient of correlation for the following data:

Fertilizers used ( in tons )	:	15	18	20	24	30	35	40	50
Productivity ( in tons)	:	85	90	95	105	120	130	150	160

Q. In oligopoly, when the industry is dominated by one large firm which is considered as leader of the group. This is called ___________.

1. partial oligopoly
2. syndicated oligopoly
3. full oligopoly
4. collusive oligopoly

Q. Which of the following is a feature of an oligopoly firm?

1. Price rigidity
2. Price flexibility
3. Fair price
4. Optimum production

Q. Which of the following is an important feature of oligopoly?

1. Price rigidity
2. Monopoly power
3. Interdependence
4. More expenditure on advertising

Q. Represent the following data by sub-divided bar diagram:
Price, Cost and Quantity Sold of Commodities A and B.

Particulars	A(₹)	B(₹)
Price per unit	3	2
Quantity sold	75	100
Value of raw material	175	150
Other expenses	30	25
Profit	20	25

Q. A group of business firms constituted with the objective of limiting competition in the market so as to maximize the profits. This is an example of which of the following?

1. Collusion
2. Cartel
3. Non-collusion
4. Monopolists

Q. Price leadership is a form of ____________.

1. tacit collusion
2. Cartel
3. Over collusion
4. Illegal collusion

Q. A market situation in which there are only few firms producing slightly differentiated products which are close substitutes is _______.

1. monopolistic competition
2. oligopoly
3. duopoly
4. perfect competition

Q. Which of the following is not a characteristic of oligopoly?

1. Determinateness of demand curve
2. Interdependence
3. Price rigidity
4. Element of monopoly

Q. Oligopolistic prices tend to be ________.

1. Sticky
2. Vary
3. Highly fluctuated
4. None