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Instructions: In the following passage there are blanks, each of which has been numbered. These numbers are printed below the passage and against each, five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case. <br><br>
President Barack Obama's recent statement of his Afghanistan policy has again (1) the intractable situation the United States has (2) since it led the invasion of the country in 2001. In his State of the Union address to the Congress on January 28, Mr. Obama said the mission there would be (3) by the end of the year, and that thereafter the U.S. and its allies would (4) a "unified Afghanistan", as it took responsibility for itself. With the agreement of the Afghan government, a "small force" could (5) to train and (6) Afghan forces and carry out counterterrorism operations against any AI - Qaeda (7).Washington has (8) 60,000 of its troops from Afghanistan since Mr. Obama took office in 2009, but 36,500 remain, with 19,000 from other countries in the NATO - ISAF coalition. Western plans are for a residual force of 8,000 to 12,000, two - thirds of them American, but sections of the U.S. military have (9) a U.S. strength of 10,000 with 5,000 from the rest of the coalition. Mr. Obama is discussing the (10) with senior officers.
Explanation: On reading the sentence that contains the blanks you can refer that the blank in question is to the filled with a word that means 'disclosed'. That word is 'revealed'. The rest of the options are inappropriate in the context of the given sentence. Hence Choice a is the correct option. Choice A
Instructions: In the following passage there are blanks, each of which has been numbered. These numbers are printed below the passage and against each, five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case. <br><br>
President Barack Obama's recent statement of his Afghanistan policy has again (1) the intractable situation the United States has (2) since it led the invasion of the country in 2001. In his State of the Union address to the Congress on January 28, Mr. Obama said the mission there would be (3) by the end of the year, and that thereafter the U.S. and its allies would (4) a "unified Afghanistan", as it took responsibility for itself. With the agreement of the Afghan government, a "small force" could (5) to train and (6) Afghan forces and carry out counterterrorism operations against any AI - Qaeda (7).Washington has (8) 60,000 of its troops from Afghanistan since Mr. Obama took office in 2009, but 36,500 remain, with 19,000 from other countries in the NATO - ISAF coalition. Western plans are for a residual force of 8,000 to 12,000, two - thirds of them American, but sections of the U.S. military have (9) a U.S. strength of 10,000 with 5,000 from the rest of the coalition. Mr. Obama is discussing the (10) with senior officers.
Explanation: On reading the sentence that contains the blanks you can infer that the blank in question is to the filled with a word that means 'confronted'. The rest of the options are inappropriate in the context of the given sentence. Hence Choice e is the correct option. Choice e
Instructions: In the following passage there are blanks, each of which has been numbered. These numbers are printed below the passage and against each, five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case. <br><br>
President Barack Obama's recent statement of his Afghanistan policy has again (1) the intractable situation the United States has (2) since it led the invasion of the country in 2001. In his State of the Union address to the Congress on January 28, Mr. Obama said the mission there would be (3) by the end of the year, and that thereafter the U.S. and its allies would (4) a "unified Afghanistan", as it took responsibility for itself. With the agreement of the Afghan government, a "small force" could (5) to train and (6) Afghan forces and carry out counterterrorism operations against any AI - Qaeda (7).Washington has (8) 60,000 of its troops from Afghanistan since Mr. Obama took office in 2009, but 36,500 remain, with 19,000 from other countries in the NATO - ISAF coalition. Western plans are for a residual force of 8,000 to 12,000, two - thirds of them American, but sections of the U.S. military have (9) a U.S. strength of 10,000 with 5,000 from the rest of the coalition. Mr. Obama is discussing the (10) with senior officers.
Explanation: On reading the sentence that contains the blanks you can infer that the blank in question is to the filled with a word that means 'accomplished'. That word is 'completed'. The rest of the options are inappropriate in the context of the given sentence. Hence Choice c is the correct option. Choice C
Instructions: In the following passage there are blanks, each of which has been numbered. These numbers are printed below the passage and against each, five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case. <br><br>
President Barack Obama's recent statement of his Afghanistan policy has again (1) the intractable situation the United States has (2) since it led the invasion of the country in 2001. In his State of the Union address to the Congress on January 28, Mr. Obama said the mission there would be (3) by the end of the year, and that thereafter the U.S. and its allies would (4) a "unified Afghanistan", as it took responsibility for itself. With the agreement of the Afghan government, a "small force" could (5) to train and (6) Afghan forces and carry out counterterrorism operations against any AI - Qaeda (7).Washington has (8) 60,000 of its troops from Afghanistan since Mr. Obama took office in 2009, but 36,500 remain, with 19,000 from other countries in the NATO - ISAF coalition. Western plans are for a residual force of 8,000 to 12,000, two - thirds of them American, but sections of the U.S. military have (9) a U.S. strength of 10,000 with 5,000 from the rest of the coalition. Mr. Obama is discussing the (10) with senior officers.
Explanation: When you reading the sentence, the blank in question is to the filled with a word that means 'favour'. That word is 'support'. The rest of the options are inappropriate in the context of the given sentence. Hence Choice d is the correct option. Choice d
Instructions: In the following passage there are blanks, each of which has been numbered. These numbers are printed below the passage and against each, five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case. <br><br>
President Barack Obama's recent statement of his Afghanistan policy has again (1) the intractable situation the United States has (2) since it led the invasion of the country in 2001. In his State of the Union address to the Congress on January 28, Mr. Obama said the mission there would be (3) by the end of the year, and that thereafter the U.S. and its allies would (4) a "unified Afghanistan", as it took responsibility for itself. With the agreement of the Afghan government, a "small force" could (5) to train and (6) Afghan forces and carry out counterterrorism operations against any AI - Qaeda (7).Washington has (8) 60,000 of its troops from Afghanistan since Mr. Obama took office in 2009, but 36,500 remain, with 19,000 from other countries in the NATO - ISAF coalition. Western plans are for a residual force of 8,000 to 12,000, two - thirds of them American, but sections of the U.S. military have (9) a U.S. strength of 10,000 with 5,000 from the rest of the coalition. Mr. Obama is discussing the (10) with senior officers.
Explanation: Upon reading the sentence that contains the blanks you can infer that the blank in question is to the filled with a word that means 'stay'. That word is 'remain'. The rest of the options are contextually inappropriate. Hence Choice d is the correct option. Choice d
Instructions: In the following passage there are blanks, each of which has been numbered. These numbers are printed below the passage and against each, five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case. <br><br>
President Barack Obama's recent statement of his Afghanistan policy has again (1) the intractable situation the United States has (2) since it led the invasion of the country in 2001. In his State of the Union address to the Congress on January 28, Mr. Obama said the mission there would be (3) by the end of the year, and that thereafter the U.S. and its allies would (4) a "unified Afghanistan", as it took responsibility for itself. With the agreement of the Afghan government, a "small force" could (5) to train and (6) Afghan forces and carry out counterterrorism operations against any AI - Qaeda (7).Washington has (8) 60,000 of its troops from Afghanistan since Mr. Obama took office in 2009, but 36,500 remain, with 19,000 from other countries in the NATO - ISAF coalition. Western plans are for a residual force of 8,000 to 12,000, two - thirds of them American, but sections of the U.S. military have (9) a U.S. strength of 10,000 with 5,000 from the rest of the coalition. Mr. Obama is discussing the (10) with senior officers.
Explanation: When you reading the sentence that contains the blanks you can infer that the the blank in question is to the filled with a word that means 'help'. That word is 'assist'. The rest of the options are inappropriate in the context of the given sentence. Hence Choice e is the correct option. Choice e
Instructions: In the following passage there are blanks, each of which has been numbered. These numbers are printed below the passage and against each, five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case. <br><br>
President Barack Obama's recent statement of his Afghanistan policy has again (1) the intractable situation the United States has (2) since it led the invasion of the country in 2001. In his State of the Union address to the Congress on January 28, Mr. Obama said the mission there would be (3) by the end of the year, and that thereafter the U.S. and its allies would (4) a "unified Afghanistan", as it took responsibility for itself. With the agreement of the Afghan government, a "small force" could (5) to train and (6) Afghan forces and carry out counterterrorism operations against any AI - Qaeda (7).Washington has (8) 60,000 of its troops from Afghanistan since Mr. Obama took office in 2009, but 36,500 remain, with 19,000 from other countries in the NATO - ISAF coalition. Western plans are for a residual force of 8,000 to 12,000, two - thirds of them American, but sections of the U.S. military have (9) a U.S. strength of 10,000 with 5,000 from the rest of the coalition. Mr. Obama is discussing the (10) with senior officers.
Explanation: On reading the sentence that contains the blanks you can infer that the blank in question is to the filled with a word that means 'left overs'. The rest of the options are inappropriate in the context of the given sentence. Hence Choice e is the correct option. Choice e
Instructions: In the following passage there are blanks, each of which has been numbered. These numbers are printed below the passage and against each, five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case. <br><br>
President Barack Obama's recent statement of his Afghanistan policy has again (1) the intractable situation the United States has (2) since it led the invasion of the country in 2001. In his State of the Union address to the Congress on January 28, Mr. Obama said the mission there would be (3) by the end of the year, and that thereafter the U.S. and its allies would (4) a "unified Afghanistan", as it took responsibility for itself. With the agreement of the Afghan government, a "small force" could (5) to train and (6) Afghan forces and carry out counterterrorism operations against any AI - Qaeda (7).Washington has (8) 60,000 of its troops from Afghanistan since Mr. Obama took office in 2009, but 36,500 remain, with 19,000 from other countries in the NATO - ISAF coalition. Western plans are for a residual force of 8,000 to 12,000, two - thirds of them American, but sections of the U.S. military have (9) a U.S. strength of 10,000 with 5,000 from the rest of the coalition. Mr. Obama is discussing the (10) with senior officers.
Explanation: When you read the sentence that contains the blank you can infer that the blank in question is to the filled with a word that means 'taken away'. That word is 'withdrawn'. The rest of the options are inappropriate in the context of the given sentence. Hence Choice c is the correct option. Choice c
Instructions: In the following passage there are blanks, each of which has been numbered. These numbers are printed below the passage and against each, five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case. <br><br>
President Barack Obama's recent statement of his Afghanistan policy has again (1) the intractable situation the United States has (2) since it led the invasion of the country in 2001. In his State of the Union address to the Congress on January 28, Mr. Obama said the mission there would be (3) by the end of the year, and that thereafter the U.S. and its allies would (4) a "unified Afghanistan", as it took responsibility for itself. With the agreement of the Afghan government, a "small force" could (5) to train and (6) Afghan forces and carry out counterterrorism operations against any AI - Qaeda (7).Washington has (8) 60,000 of its troops from Afghanistan since Mr. Obama took office in 2009, but 36,500 remain, with 19,000 from other countries in the NATO - ISAF coalition. Western plans are for a residual force of 8,000 to 12,000, two - thirds of them American, but sections of the U.S. military have (9) a U.S. strength of 10,000 with 5,000 from the rest of the coalition. Mr. Obama is discussing the (10) with senior officers.
Explanation: On reading the sentence that contains the blanks you can infer that the blank in question is to the filled with a word that means 'recommended'. That word is 'suggested'. The rest of the options are incorrect in this context. Hence Choice d is the correct option. Choice d
Instructions: In the following passage there are blanks, each of which has been numbered. These numbers are printed below the passage and against each, five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case. <br><br>
President Barack Obama's recent statement of his Afghanistan policy has again (1) the intractable situation the United States has (2) since it led the invasion of the country in 2001. In his State of the Union address to the Congress on January 28, Mr. Obama said the mission there would be (3) by the end of the year, and that thereafter the U.S. and its allies would (4) a "unified Afghanistan", as it took responsibility for itself. With the agreement of the Afghan government, a "small force" could (5) to train and (6) Afghan forces and carry out counterterrorism operations against any AI - Qaeda (7).Washington has (8) 60,000 of its troops from Afghanistan since Mr. Obama took office in 2009, but 36,500 remain, with 19,000 from other countries in the NATO - ISAF coalition. Western plans are for a residual force of 8,000 to 12,000, two - thirds of them American, but sections of the U.S. military have (9) a U.S. strength of 10,000 with 5,000 from the rest of the coalition. Mr. Obama is discussing the (10) with senior officers.
Explanation: When you reading the sentence that contains the blank you can infer that the blank in question is to the filled with a word that means 'choices/alternatives'. The rest of the options are incorrect in the context of the given sentence. Hence Choice a is the correct option. Choice a
Read the passage given below and answer the following questions. <br><br> Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions-in other words, there is free entry and exit into and out of the market. <br><br> A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the <strong>prevailing</strong> equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market. <br><br> A perfectly competitive market is a <strong>hypothetical</strong> extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price?
According to the passage, why is a perfectly competitive firm a price taker?
Explanation: According to the passage, a perfectly competitive firm cannot sell its goods above the market price as it would lose all of its customers to its competitors. Hence, it is forced to sell it at market price. Thus, the correct answer is option D.
Read the passage given below and answer the following questions. <br><br> Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions-in other words, there is free entry and exit into and out of the market. <br><br> A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the <strong>prevailing</strong> equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market. <br><br> A perfectly competitive market is a <strong>hypothetical</strong> extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price?
According to the author, who determines the price of wheat?
Explanation: The passage states that the price of wheat is not decided by individual farmers and is decided solely by the supply and demand in the market. Hence, the correct answer is option B.
Read the passage given below and answer the following questions. <br><br> Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions-in other words, there is free entry and exit into and out of the market. <br><br> A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the <strong>prevailing</strong> equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market. <br><br> A perfectly competitive market is a <strong>hypothetical</strong> extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price?
The rules of perfect competition would definitely not apply to which of the following firms?<br> I) A wheat farmer<br> II) A firm that produces standardized nuts and bolts<br> III) A utilities company that has monopoly over electricity supply to an area<br> IV) A firm that has an exclusive patent over its products
Explanation: One of the conditions mentioned for existence of perfect competition is that many firms should produce an identical product. In the case of III and IV, there are no competitors producing exactly same product as the firm. Hence, the rules of perfect competition would not apply to them.
Read the passage given below and answer the following questions. <br><br> Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions-in other words, there is free entry and exit into and out of the market. <br><br> A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the <strong>prevailing</strong> equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market. <br><br> A perfectly competitive market is a <strong>hypothetical</strong> extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price?
Why is agriculture a good example of perfect competition?
Explanation: One of the conditions for perfect competition to exist is that the products produced by different firms should be identical. The passage states that as the produce of different farmers is largely interchangeable, agriculture markets are good examples of perfect competition. Hence, the correct option is option (a)
Read the passage given below and answer the following questions. <br><br> Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions-in other words, there is free entry and exit into and out of the market. <br><br> A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the <strong>prevailing</strong> equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market. <br><br> A perfectly competitive market is a <strong>hypothetical</strong> extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price?
Why, according to the author, must a perfectly competitive firm be a small player in the overall market?
Explanation: The passage states that "a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market". Hence, option C.
Read the passage given below and answer the following questions. <br><br> Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions-in other words, there is free entry and exit into and out of the market. <br><br> A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the <strong>prevailing</strong> equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market. <br><br> A perfectly competitive market is a <strong>hypothetical</strong> extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price?
Which of the following can be inferred from the information given in the passage? <br><br> I) A perfectly competitive market does not exist in real life<br><br> II) A firm in a perfectly competitive market cannot sell its products below market price due to regulations<br><br> III) Agriculture is the only sector in which there is perfect competition
Explanation: The passage says that a perfectly competitive market is a "hypothetical extreme" i.e. it is merely theoretical and not practical. Thus, we can infer statement I. Statement II is not stated in the passage and III is not true according to the passage. Hence, option A.
Read the passage given below and answer the following questions. <br><br> Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions-in other words, there is free entry and exit into and out of the market. <br><br> A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the <strong>prevailing</strong> equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market. <br><br> A perfectly competitive market is a <strong>hypothetical</strong> extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price?
From the passage, it can be inferred that the author is a
Explanation: The passage gives us the economic theory behind the concept of perfect competition. As an economics concept is explained, the author is likely to be an Economist.
Read the passage given below and answer the following questions. <br><br> Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions-in other words, there is free entry and exit into and out of the market. <br><br> A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the <strong>prevailing</strong> equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market. <br><br> A perfectly competitive market is a <strong>hypothetical</strong> extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price?
What is the purpose of the passage?
Explanation: The passage explains how the price of a good is set in a market with perfect competition and goes on to explain why a producer cannot individually decide the price in cases where perfect competition exists. Hence, option B.
Read the passage given below and answer the following questions. <br><br> Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions-in other words, there is free entry and exit into and out of the market. <br><br> A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the <strong>prevailing</strong> equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market. <br><br> A perfectly competitive market is a <strong>hypothetical</strong> extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price?
Choose the word that is synonymous with the word "Prevailing" as used in the passage.
Explanation: The passage refers to "prevailing equilibrium price" which refers to the price existing in the market at that particular point of time. Hence, current is synonymous with prevailing as used in the passage.
Read the passage given below and answer the following questions. <br><br> Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions-in other words, there is free entry and exit into and out of the market. <br><br> A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the <strong>prevailing</strong> equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market. <br><br> A perfectly competitive market is a <strong>hypothetical</strong> extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price?
Choose the word that is synonymous with the word "Hypothetical" as used in the passage.
Explanation: The author says that the idea of perfectly competitive market is a "hypothetical" extreme but similar though not exactly same conditions exist in many industries. Hypothetical, as used in the passage, means theoretical. Hence, option A.
Direction: Which of the phrases a), b), c) and d) given below each statement should replace the phrase printed in bold in the sentence to make it grammatically correct ? <br> If the sentence is correct as it is given and 'No correction is required', mark e) as the answer.
Soon after the Tsunami had killed thousands of people along the coasts of southern India, parliament passes a bill that proposed to set up an institutional mechanism to respond promptly to natural disasters.
Explanation: The sentence is in the simple past tense. So, the correct construction of the sentence should be "...passed a bill that proposed...". So, option a) is the correct answer.
Direction: Which of the phrases a), b), c) and d) given below each statement should replace the phrase printed in bold in the sentence to make it grammatically correct ? <br> If the sentence is correct as it is given and 'No correction is required', mark e) as the answer.
Denial of wages forced scientists and teachers at the agriculture universities throughout the country to go on strike, crippling crucial research that could help the state of agriculture in the country.
Explanation: The sentence is grammatically correct. There is no correction required.
Direction: Which of the phrases a), b), c) and d) given below each statement should replace the phrase printed in bold in the sentence to make it grammatically correct ? <br> If the sentence is correct as it is given and 'No correction is required', mark e) as the answer.
In an attempt to boost their profits many edible oil producing companies have been engaging themselves in propaganda against commonly used oils and promoting exotic and expensive varieties of oils as healthier options.
Explanation: The sentence is comparing commonly used oils and exotic oils. So, comparative tone should be used. There is more than one option besides commonly used oil - exotic and expensive varieties of oils. So, it should be options. So, the sentence is grammatically correct and no correction is needed.
Direction: Which of the phrases a), b), c) and d) given below each statement should replace the phrase printed in bold in the sentence to make it grammatically correct ? <br> If the sentence is correct as it is given and 'No correction is required', mark e) as the answer.
Thanks to numerous government initiatives, rural masses which was earlier unaware of the luxuries of urban ways of living are now connected to the same lifestyle.
Explanation: Masses is plural, so it should be 'were' instead of 'was'. Also, the use of the word 'which' is incorrect. The correct word is 'who'. So, option d) is the correct answer.
Direction: Which of the phrases a), b), c) and d) given below each statement should replace the phrase printed in bold in the sentence to make it grammatically correct ? <br> If the sentence is correct as it is given and 'No correction is required', mark e) as the answer.
Over the last few months, while most industries are busy in restructuring operations, cutting costs and firing, the Indian pharmaceutical and healthcare industry was adding manpower and giving salary hikes.
Explanation: The sentence is in past tense. So, 'were' should be used instead of 'are'. 'Where' is used for a place whereas 'while' is used to refer to a period of time. So, option b) is the correct answer.
Directions : Which of the phrases 1, 2, 3 and 4 given below each sentence should replace the word/ phrase printed in bold in the sentence to make it grammatically correct? If the sentence is correct as it is given and no correction is required, mark 5 as the answer.
US Secretary of State made it clear that time running out for diplomacy over Iran's nuclear programme and said that talks aimed at preventing Tehran from acquiring a nuclear weapon would resume in April.
Explanation: was is missing in the sentence as the usage is of past continuous tense.
Directions : Which of the phrases 1, 2, 3 and 4 given below each sentence should replace the word/ phrase printed in bold in the sentence to make it grammatically correct? If the sentence is correct as it is given and no correction is required, mark 5 as the answer.
While the war of the generals rage on, somewhere in small town India, Wonderful things are happeing, quetly and minus fanfare.
Explanation: Subject verb agreement is absent.War is singular. It should be rages on.
Directions : Which of the phrases 1, 2, 3 and 4 given below each sentence should replace the word/ phrase printed in bold in the sentence to make it grammatically correct? If the sentence is correct as it is given and no correction is required, mark 5 as the answer.
According to WWF, the small island nation of Samoa was the first in switch off its lights for Earth Hour
Explanation: There is incorrect preposition usage.The correct one is "to switch off"
Directions : Which of the phrases 1, 2, 3 and 4 given below each sentence should replace the word/ phrase printed in bold in the sentence to make it grammatically correct? If the sentence is correct as it is given and no correction is required, mark 5 as the answer.
The campaign is significant because not just the youths are directly appealing to the world but because thier efforts challenge the chimera of normalcy in the area.
Explanation: The error is the incorrect placement. It should be A. The 2nd part of the sentence following this line "because not just the youth are directly appealing to the world" should be some category of people. <br> For eg "because not just the youth are directly appealing to the world but also the children"
Directions : Which of the phrases 1, 2, 3 and 4 given below each sentence should replace the word/ phrase printed in bold in the sentence to make it grammatically correct? If the sentence is correct as it is given and no correction is required, mark 5 as the answer.
The doctor's association has threatened to go on indefinite strike support of their teachers.
Explanation: This case is of missing preposition and the correct usage is "in support of"
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