Match List I with List II: List I (Shape of revenue curve of the firm) a. Kinked revenue curve b.…
Matching the firm's revenue/demand curve shape with market structure: (a) Kinked revenue (demand) curve characterizes (iii) Oligopoly; (b) Infinitely elastic horizontal…
Choose your answer
Match List I with List II:
List I (Shape of revenue curve of the firm)
a. Kinked revenue curve
b. Infinitely elastic straight line curve
c. Relatively less elastic curve
d. Relatively high elastic curve
List II (Market structure)
i. Monopolistic competition
ii. Perfect competition
iii. Oligopoly
iv. Monopoly
Answer and explanation
Correct answer A
Matching the firm's revenue/demand curve shape with market structure: (a) Kinked revenue (demand) curve characterizes (iii) Oligopoly; (b) Infinitely elastic horizontal straight-line curve characterizes (ii) Perfect competition; (c) Relatively less elastic (steep) curve characterizes (iv) Monopoly; and (d) Relatively high elastic (flatter downward-sloping) curve characterizes (i) Monopolistic competition. Thus, 'a- iii, b- ii, c- iv, d- i' is correct.
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UGC NET Commerce