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MCQs

Total Questions : 874 | Page 24 of 88 pages
Question 231. The average profit is the difference between
  1.    AC and TC
  2.    AC and VC
  3.    AC and AR
  4.    AC and TR
 Discuss Question
Answer: Option C. -> AC and AR
Question 232. At the point of inflexion, the marginal product is
  1.    Increasing
  2.    Decreasing
  3.    Maximum
  4.    Negative
 Discuss Question
Answer: Option C. -> Maximum
Question 233. Marginal revenue will be negative if elasticity of demand is
  1.    Less than unity
  2.    More than 1
  3.    Equal to 1
  4.    Equal to zero
 Discuss Question
Answer: Option A. -> Less than unity
Question 234. If lowering of fares reduces railway's revenues and increasing of fares increases, then the demand for rail travel has a price elasticity of
  1.    Zero
  2.    Greater than Zero but less than One
  3.    One
  4.    Greater than One
 Discuss Question
Answer: Option B. -> Greater than Zero but less than One
Question 235. If the marginal (additional) opportunity cost is a constant then the PPC would be
  1.    Straight line
  2.    Convex
  3.    Backward leading
  4.    Concave
 Discuss Question
Answer: Option A. -> Straight line
Question 236. If a good is a luxury, its income elasticity of demand is
  1.    Positive and less than 1
  2.    Negative but greater than 1
  3.    Positive and greater than 1
  4.    Zero
 Discuss Question
Answer: Option C. -> Positive and greater than 1
Question 237. When ____, we know that the firms must be producing at the minimum point of the average cost curve and so there will be productive efficiency.
  1.    AC = AR
  2.    MC = AC
  3.    MC = MR
  4.    AR = MR
 Discuss Question
Answer: Option B. -> MC = AC
Question 238. Suppose the demand for meals at a medium-priced restaurant is elastic. If the management of the restaurant is considering rasiing prices, it can expect a relatively
  1.    Large fall in quantity demanded
  2.    Large fall in demand
  3.    Small fall in quantity demanded
  4.    Small fall in demand
 Discuss Question
Answer: Option A. -> Large fall in quantity demanded
Question 239. Which of the following is not a characteristic of a 'price taker'?
  1.    TR = P x Q
  2.    AR = Price
  3.    Negatively sloped demand
  4.    Marginal Revenue = Price
 Discuss Question
Answer: Option C. -> Negatively sloped demand
Question 240. In monopolistic competition, a firm is in long run equilibrium
  1.    At the minimum point of the LAC curve
  2.    In the declining segment of the LAC curve
  3.    In the rising segment of the LAC curve
  4.    When price is equal to marginal cost
 Discuss Question
Answer: Option B. -> In the declining segment of the LAC curve

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