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MCQs

Total Questions : 874 | Page 10 of 88 pages
Question 91. If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then the demand curve for the commodity will be
  1.    Horizontal
  2.    Vertical
  3.    Positively sloped
  4.    Negatively sloped
 Discuss Question
Answer: Option B. -> Vertical
Question 92. The situation of monopolistic competition is created by
  1.    Small number of producers of a commodity
  2.    Lack of homogeneity of the product produced by different firms
  3.    Imperfection of the market for that product
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above
Question 93. Demand is a function of
  1.    Price
  2.    Quantity
  3.    Supply
  4.    None of the above
 Discuss Question
Answer: Option A. -> Price
Question 94. In case of perfect competition in the market
  1.    Marginal revenue curve always slopes upward
  2.    Marginal revenue curve always slopes downwards
  3.    Marginal revenue is always equal to average revenue
  4.    Marginal revenue is always less than average revenue
 Discuss Question
Answer: Option C. -> Marginal revenue is always equal to average revenue
Question 95. The budget line is also known as the
  1.    Iso-utility curve
  2.    Production possibility line
  3.    Isoquant
  4.    Consumption possibility line
 Discuss Question
Answer: Option D. -> Consumption possibility line
Question 96. Discriminating monopoly implies that the monopolist charges different prices for its commodity
  1.    From different groups of consumers
  2.    For different uses
  3.    At different places
  4.    Any of the above
 Discuss Question
Answer: Option D. -> Any of the above
Question 97. If price and total revenue move in the same direction, then demand is
  1.    Inelastic
  2.    Elastic
  3.    Unrelated
  4.    Perfectly elastic
 Discuss Question
Answer: Option A. -> Inelastic
Question 98. The major difference between perfect competition and monopolistic competition is
  1.    Number of firms
  2.    Differentiated product
  3.    Rate of profit
  4.    Free exit and entry
 Discuss Question
Answer: Option B. -> Differentiated product
Question 99. Which one is not a assumption of the theory of demand based on analysis of indifference curves?
  1.    Given scale of preferences as between different combinations of two goods
  2.    Diminishing marginal rate of substitution
  3.    Constant marginal utility of money
  4.    Consumers would always prefer more of a particular good to less of it, other things remaining the same
 Discuss Question
Answer: Option C. -> Constant marginal utility of money
Question 100. Price discrimination will be profitable only if the elasticity of demand in different markets into which the total market has been divided is
  1.    Uniform
  2.    Different
  3.    Less
  4.    Zero
 Discuss Question
Answer: Option B. -> Different

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