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1. A firm faces kinked demand curve dues to reaction by _________ firms.

Friendly
Rival

Neighboring

None of the above

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2. The number of sellers in the oligopolistic market structure is ______.

Large
Few

Two
None of the above
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3. The cost of advertising and other sales promotion activities of a firm are referred to
as __________.
Production cost
Selling cost

Factor cost
Fixed cost
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4. The average cost under oligopolistic competition includes ______.

Selling cost

Production cost
Sunk cost

Opportunity cost
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5. Oligopolistic competition gives scope for _____ of resources.

Excess capacity

Optimal capacity
All of the above
None of the above
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6. If the firm under monopolistic competition incurs _______ if price is less than
average cost.
Super normal profits
Normal profits
Infinite profits
Losses
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7. Demand curve slopes ________.

Downward

Upward

Horizontal
Vertical
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8. The price fixed under oligopolistic competition is _______.

Low
Medium
High

None of the above

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9. For survival, the firms have an implicit agreement known as ____.

Cartel

Collusion
None of the above

All of the above

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10. Under oligopoly, new entry of businesses is ________.

Simple
Difficult

Prohibited

None of the above