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MCQs

Total Questions : 874 | Page 8 of 88 pages
Question 71. In the case of a straight-line demand curve meeting the two axes, the price-elasticity of demand at the mid-point of the line would be
  1.    0
  2.    1
  3.    1.5
  4.    2
 Discuss Question
Answer: Option B. -> 1
Question 72. Which is the first-order condition for the profit of a firm to be maximum?
  1.    AC=MR
  2.    MC=MR
  3.    MR=AR
  4.    AC=AR
 Discuss Question
Answer: Option B. -> MC=MR
Question 73. Which of the following is one of the assumptions of perfect competition?
  1.    Few buyers and few sellers
  2.    Many buyers and few sellers
  3.    Many buyers and many sellers
  4.    All sellers and buyers are honest
 Discuss Question
Answer: Option C. -> Many buyers and many sellers
Question 74. Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price
  1.    Equal to one
  2.    Greater than one
  3.    Small than one
  4.    Zero
 Discuss Question
Answer: Option C. -> Small than one
Question 75. Price and demand are positively correlated in case of
  1.    Normal goods
  2.    Comforts
  3.    Giffen goods
  4.    Luxuries
 Discuss Question
Answer: Option C. -> Giffen goods
Question 76. In which form of the market structure is the degree of control over the price of its product by a firm very large?
  1.    Monopoly
  2.    Imperfect condition
  3.    Oligopoly
  4.    Perfect competition
 Discuss Question
Answer: Option A. -> Monopoly
Question 77. A firm under perfect competition is
  1.    Price maker
  2.    Price breaker
  3.    Price taker
  4.    Price shaker
 Discuss Question
Answer: Option C. -> Price taker
Question 78. The elasticity of demand of durable goods is
  1.    Less than unity
  2.    Greater than unity
  3.    Equal to unity
  4.    Zero
 Discuss Question
Answer: Option B. -> Greater than unity
Question 79. In the case of an inferior good, the income elasticity of demand is
  1.    Positive
  2.    Zero
  3.    Negative
  4.    Infinite
 Discuss Question
Answer: Option C. -> Negative
Question 80. Which is the other name that is given to the average revenue curve?
  1.    Profit curve
  2.    Demand curve
  3.    Average cost curve
  4.    Indifference curve
 Discuss Question
Answer: Option B. -> Demand curve

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