Subject - Economics:

Microeconomics

MCQ - 110-4120

Question:

Which of the following is likely to have a demand curve that is the least elastic?

Demand for the perfectly competitive firm’s output
Demand for the oligopoly firm’s output with a homogenous product
Demand for the oligopoly firm’s output with a differentiated product
Demand for the oligopoly firm’s output with a homogenous product
Demand for the monopoly firm’s output

Correct Answer: E

Explanation:

Demand is more elastic if there are more substitute goods. A monopolist has no close substitutes so is likely the least elastic demand.

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269 MCQ for effective preparation of the test of Microeconomics of Economics section.

Read the MCQ statement: Which of the following is likely to have a demand curve that is the least elastic? , keenly and apply the method you have learn through the video lessons for Microeconomics to give the answer. Record your answer and check its correct answer and video explanation for MCQ No. 110-4120.

How to Answer

Solve the question for MCQ No. and decide which option (A through D/E) is the best choice to answer the MCQ, then click/tap the blue button to view the correct answer and it explanation.

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