TMA4/ECO231 – Micro Economic Theory I

TMA Quiz Questions
Matric Number:  SCORE=10.00
ECO231 – Micro Economic Theory I
Mr. Adedeji Abiodun Liadi ( )
1 Which of the following are assumptions of the model of perfect competition
2 Oligopoly is characterized by
3 There are many models of oligopoly because
4 When oligopolists collude the results are generally
5 Which of the following constitutes an obstacle to collusion among oligopolists?
6 Which of the following methods is not employed in microeconomics
7 Which of these is not the property of indifference curves
8 Which of these is not the property of budget line
9 The statement C = D = 10 utils implies
10 The relationship between wages and leisure time for a worker is
11 Suppose a consumer has an income of N8, the price of bread is N1, and the price of butter is N.50k. which of the following combinations is on the consumer’s budget line?
12 If a consumer has an income of N100, the price of bread is N10, and the value of butter is N20, the maximum quantity of bread the consumer is able to buy is
13 When the income of a consumer is N20, the price of bread is N5, the price of butter is N2, and the quantity of bread is measure horizontally, the slope of the budget line is
14 A strategic move refers to all the following except
15 If an oligopolist incurs losses in the short run, then in the long run
16 Which would be most characteristic of oligopoly?
17 Which of the following contributes to the existence of oligopoly in an industry?
18 In indifference curve analysis, the consumer will be in equilibrium at the point where the
19 If a consumer is initially in equilibrium, a decrease in money income will
20 Which would be defining characteristics of pure monopoly?
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