Economics MCQ Questions and Solutions with Explanations | Commerce

A. Horizontal

B. Vertical

C. Positively sloped

D. Negatively sloped

A. Small number of producers of a commodity

B. Lack of homogeneity of the product produced by different firms

C. Imperfection of the market for that product

D. All of the above

A. Marginal revenue curve always slopes upward

B. Marginal revenue curve always slopes downwards

C. Marginal revenue is always equal to average revenue

D. Marginal revenue is always less than average revenue

A. Price

B. Quantity

C. Supply

D. None of the above

A. Iso-utility curve

B. Production possibility line

C. Isoquant

D. Consumption possibility line

A. From different groups of consumers

B. For different uses

C. At different places

D. Any of the above

A. Number of firms

B. Differentiated product

C. Rate of profit

D. Free exit and entry

A. Inelastic

B. Elastic

C. Unrelated

D. Perfectly elastic

A. Given scale of preferences as between different combinations of two goods

B. Diminishing marginal rate of substitution

C. Constant marginal utility of money

D. Consumers would always prefer more of a particular good to less of it, other things remaining the same

A. Uniform

B. Different

C. Less

D. Zero