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MCQs

Total Questions : 874 | Page 9 of 88 pages
Question 81. Which of the following markets comes closest to perfect market?
  1.    Wheat market
  2.    Cigarette market
  3.    Cold drinks market
  4.    Stock market
 Discuss Question
Answer: Option A. -> Wheat market
Question 82. Mr. Raees Ahamd bought 50 litres of petrol when his monthly income was Rs.25000. Now his monthly income has risen to Rs.50,000 and he purchases 100 litres of petrol. His income elasticity of demand for petrol is
  1.    1
  2.    100%
  3.    Less than 1
  4.    More than 1
 Discuss Question
Answer: Option A. -> 1
Question 83. Total utility is maximum when
  1.    Marginal utility is zero
  2.    Marginal utility is at its highest point
  3.    Marginal utility is equal to average
  4.    Average utility is maximum
 Discuss Question
Answer: Option A. -> Marginal utility is zero
Question 84. Which is a condition for existence of monopoly?
  1.    Big size
  2.    Identical product
  3.    Absence of government taxes
  4.    No close substitute
 Discuss Question
Answer: Option D. -> No close substitute
Question 85. Under which of the following forms of market structure does a firm have no control over the price of its product?
  1.    Monopoly
  2.    Monopolistic competition
  3.    Oligopoly
  4.    Perfect competition
 Discuss Question
Answer: Option D. -> Perfect competition
Question 86. When price elasticity of demand for normal goods is calculated, the value is always
  1.    Positive
  2.    Negative
  3.    Constant
  4.    Greater than 1
 Discuss Question
Answer: Option B. -> Negative
Question 87. If the demand for a commodity is inelastic, an increase in its pice will cause the total expenditure of the consumers of the commodity to
  1.    Remain the same
  2.    Increase
  3.    Decrease
  4.    Any of the above
 Discuss Question
Answer: Option B. -> Increase
Question 88. In case of monopoly
  1.    Marginal revenue curve always slopes upward
  2.    Total revenue curve always slopes upward
  3.    Marginal revenue is always equal to average revenue
  4.    Marginal revenue is always less than average revenue
 Discuss Question
Answer: Option D. -> Marginal revenue is always less than average revenue
Question 89. Which one of the following is the condition of equilibrium for the monopolist?
  1.    MR=MC
  2.    MC=AR
  3.    MR=MC=Price
  4.    AC=AR
 Discuss Question
Answer: Option A. -> MR=MC
Question 90. Income elasticity of demand for normal goods is always
  1.    1
  2.    Negative
  3.    More than 1
  4.    Positive
 Discuss Question
Answer: Option D. -> Positive

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