When there is monopsony in buying and perfect competition in selling, the profit-maximizing point of input usage is found at the intersection of which curves?

• A) Marginal revenue product and supply curve
• B) Marginal value product and marginal input cost
• C) Supply curve and demand curve
• D) Marginal input cost and demand curve

If a firm sells its output in a market that is characterized by many buyers and sellers with differentiated product, then the firm is known as:

• A) A monopolist
• B) A perfect competitor
• C) A monopolistic competitor
• D) An oligopolist

In the scenario where there is a single buyer of input and a single seller of output, the profit-maximizing point of input usage is determined at the intersection of:

• A) Supply curve and demand curve
• B) Marginal revenue product and supply curve
• C) Marginal value product and marginal input cost
• D) Marginal revenue product and marginal input cost curves

In the short run, a monopolist will shut down if output is at level where marginal revenue is equal to short run marginal cost and price is:

• A) Greater than Average total cost (ATC)
• B) Less than Average variable cost (AVC)
• C) Greater than Average variable cost (AVC)
• D) Less than Average total cost (ATC)

Which of the followings is a product contribution of agriculture to economic development?

• A) Offering technological advancements for the industrial sector
• B) Supplying food above the subsistence level for laborers
• C) Providing machinery for industrial production
• D) Increasing the cost of raw inputs for industry

Which factor significantly influences the development process by providing a workforce for the industry?

• A) High industrial wages
• B) Increase in agricultural productivity
• C) Import of foreign goods
• D) Government subsidies

If a firm belongs to a group of few sellers and there are many buyers, then the firm is called:

• A) A monopolistic competitor
• B) A perfect competitor
• C) An oligopolist
• D) A monopolist

In Ricardo's economic model, what happens to profits as output expands?

• A) Profits become negative, leading to economic collapse
• B) Profits vanish as the marginal product of labor declines to the subsistence wage level
• C) Profits stabilize at a high level
• D) Profits increase indefinitely

If a firm sells its homogeneous product in a market that is characterized by a single seller and many buyers, then the firm is:

• A) A monopolistic competitor
• B) An oligopolist
• C) A perfect competitor
• D) A monopolist

Marketable surplus is important for economic development because:

• A) It hinders capital accumulation
• B) It provides necessary food supply and labor for other sectors
• C) It decreases the demand for industrial goods
• D) It increases food prices

Which of the following was Malthus' prediction about population growth and food supply?

• A) Technological advancements would prevent any shortages
• B) Population growth would outstrip the food supply
• C) Food supply would grow faster than the population
• D) Population and food supply would grow at the same rate

Who originally developed the theory of Rent for the allocation of scarce resources?

• A) David Ricardo
• B) Karl Marx
• C) Adam Smith
• D) Thomas Malthus

When farm prices are kept low in terms of market contribution, then it leads to:

• A) Enhances the profitability of farmers
• B) A higher demand for industrial goods
• C) Decreases the purchasing power of the agricultural sector
• D) Increases the cost of raw inputs

The government generates capital for industrial investment from the agricultural sector by:

• A) Increasing the cost of agricultural inputs
• B) Exporting industrial goods
• C) Imposing taxes on agricultural produce
• D) Providing high subsidies to farmers

Under imperfect competition, the total economic surplus decreases compared to perfect competition due to:

• A) Increased consumer surplus
• B) Increased producer surplus
• C) Increased equilibrium quantity
• D) Welfare loss

The producer surplus in a competitive market represents:

• A) The area above the supply curve and below market price
• B) The area below the demand curve but above equilibrium price
• C) The area between the demand and supply curves at equilibrium price
• D) The area below the supply curve

Which of the following pattern is created by the sequential determination of prices and quantities over time in the market for agricultural commodities?

• A) Random pattern
• B) Symmetric pattern
• C) Cobweb pattern
• D) Linear pattern