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MCQs

Total Questions : 874 | Page 23 of 88 pages
Question 221. A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is
  1.    Zero
  2.    Infinite
  3.    Equal to 1
  4.    Greater than 0 but less than 1
 Discuss Question
Answer: Option B. -> Infinite
Question 222. When ______, we know that the firms are earning just normal profits.
  1.    AC = AR
  2.    MC = MR
  3.    MC = AC
  4.    AR = MR
 Discuss Question
Answer: Option A. -> AC = AR
Question 223. Consumer surplus is highest in case of
  1.    Necessities
  2.    Luxuries
  3.    Comforts
  4.    Conventional necessities
 Discuss Question
Answer: Option A. -> Necessities
Question 224. The vertical difference between TVC and TC is equal to
  1.    MC
  2.    AVC
  3.    TFC
  4.    None of the above
 Discuss Question
Answer: Option C. -> TFC
Question 225. The economic analysis expects the consumer to behave in a manner which is
  1.    Rational
  2.    Irrational
  3.    Emotional
  4.    Indifferent
 Discuss Question
Answer: Option A. -> Rational
Question 226. The AR curve and industry demand curve are same in case of
  1.    Monopoly
  2.    Oligopoly
  3.    Perfect competition
  4.    None of the above
 Discuss Question
Answer: Option A. -> Monopoly
Question 227. When the price of a substitute of X commodity falls, the demand for X
  1.    Rises
  2.    Falls
  3.    Remains unchanged
  4.    Any of the above
 Discuss Question
Answer: Option B. -> Falls
Question 228. The law of variable proportions come into being when
  1.    There are only two variable factors
  2.    There is a fixed factor and a variable factor
  3.    All factors are variable
  4.    Variable factors yield less
 Discuss Question
Answer: Option B. -> There is a fixed factor and a variable factor
Question 229. _____ is an implicit cost of production
  1.    Wages of the labour
  2.    Charges for electricity
  3.    Interest on owned money capital
  4.    Payment for raw material
 Discuss Question
Answer: Option C. -> Interest on owned money capital
Question 230. Excess capacity is not found under
  1.    Monopoly
  2.    Monopolistic competition
  3.    Perfect competition
  4.    Oligopoly
 Discuss Question
Answer: Option C. -> Perfect competition

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