ECO401 VU Midterm Papers Spring May 2012

Time: 60Min
Total Marks: 44 {(28 MCQs) + 2 Questions (3 Marks) + 2 Questions (5 Marks)}

All the MCQ’s were new to me….pehaps some of them from past papers

Many of them were in form of Graphs & Tables……:(

What is the relationship between Long run average cost curve and short run average cost curve? (3 Marks)
Monopolistic competition and short run long run…… (3 Marks)
Who are the Price taker and Price maker Firms and where they lie in Market Structure……(5 Marks)
There was a graph of Isoquants Constant return to scale and was asked two questions about that….. (5 Marks)