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Economics MCQ Questions and Solutions with Explanations | Commerce

Economics MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Economics MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-10 section-5

Each section contains 100 MCQs on Economics .
91
The marginal cost is equal is to marginal revenue, the average cost is equal to average revenue, average revenue is equal to marginal revenue, and the average cost is equal to marginal cost. This is the condition of
1. Long-period equilibrium for a firm under monopoly.
2. Short-period equilibrium for a firm under oligopoly.
3. Long-period equilibrium
4. Long-period equilibrium for a firm under perfect competition.
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Answer & Solution
Answer: Option A
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92
The world economic crisis of which period has been called as the worldwide recession?
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Answer: Option A
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93
A supply curve will have a price elasticity equal to 1 only when it is
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Answer: Option C
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94
Cardinal utility measurement is required in
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Answer: Option B
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95
In case, the elasticity of demand on an average revenue curve is equal to unity, the marginal revenue will be
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Answer & Solution
Answer: Option D
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96
Prof. Gossen has talked about two psychological law of consumption. One of which is law of DMU. The second law is known as
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Answer: Option A
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97
Given the demand function $${\text{q}} = \frac{{20}}{{\text{p}}},$$   where p = price of product and q = quantity of product, the elasticity of demand at p = 10 would be
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Answer: Option B
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98
'Economics is the science of wealth'. This definition is given
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Answer: Option A
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99
In the long run, equilibrium in perfect competition is attained when
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Answer: Option A
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100
Who played the role of a catalyst in the green revolution of India?
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Answer & Solution
Answer: Option A
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