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In the long run, a firm under monopolistic competition operates where demand (AR) is tangent to the:
AMinimum point of the LRAC curve
BLong-Run Average Cost (LRAC) curve on its downward-sloping segment
CMarginal Cost curve at its peak
DTotal Cost curve at the origin
The Stackelberg Model of oligopoly differs from the Cournot model because firms:
AMove simultaneously setting prices
BCollude explicitly to form a cartel
CMove sequentially as a leader and a follower firm
DFace a completely vertical demand curve
In game theory, a Dominant Strategy is defined as a strategy that:
AIs optimal only if the competitor cooperates
BMaximizes joint payouts for all players combined
CGuarantees zero loss under all conditions
DYields the best outcome for a player regardless of what the competitor chooses
The Boundary Commission responsible for partitioning Punjab and Bengal in 1947 was headed by:
ALord Mountbatten
BCyril Radcliffe
CSir Stafford Cripps
DLord Wavell
NATO (North Atlantic Treaty Organization) was founded in 1949 as a collective defense alliance under Article:
AArticle 2
BArticle 10
CArticle 5
DArticle 51
The headquarters of the European Union (EU) is located in:
AStrasbourg, France
BGeneva, Switzerland
CBerlin, Germany
DBrussels, Belgium
The Objectives Resolution was passed by the Constituent Assembly of Pakistan on:
AMarch 12, 1949
BAugust 14, 1947
CMarch 23, 1940
DDecember 25, 1948
Pakistan’s first Constitution was promulgated on which date?
AAugust 14, 1956
BMarch 23, 1956
CDecember 25, 1955
DJune 8, 1962
Under the 1956 Constitution of Pakistan, the system of government established was:
APresidential
BMonarchical
CParliamentary
DDirect Democracy
The Constitution of 1962, introduced during Ayub Khan’s era, established which form of government?
AParliamentary System
BDirect Federal Council
CConstitutional Monarchy
DPresidential System