Economics MCQ Questions and Solutions with Explanations | Commerce

Which of the following will shift the supply curve for good X leftward?

Which of the following is a characteristic of monopolistic competition?

What is the fundamental premise of economics?

Consider the following statements.
1. A profit maximising monopolist in different markets will adjust his sales in the two markets, so that his MR in each market just equals his MC.
2. A profit maximising monopolist in separate markets will not adjust his sales.
3. A profit maximising monopolist in separate markets will adjust his sales in the two markets, so that his MR in each market will greater than MC.
4. A profit maximising firm in separate markets will adjust his sales in each market so, that his MR is less than MC.
Which of the statement(s) given above is/are correct?

Assume in a competitive market that price is initially above the equilibrium level. We can predict that price will

The prices of two goods X and Y are: P_x = Rs. 5 and P_y = Rs. 3, respectively. If a consumer spending his entire income on these two commodities is at a point on the budget constraint where MRS_xy (marginal rate of substitution of X for Y) is 3 : 1, then

The strategy of price discrimination is followed under which firm of market?

The term "consumer goods" is used by economists to refer to

The difference between what a consumer is willing to pay for a unit of a good and what must be paid when actually buying it is called

According to monetarists, the Great Depression in the United States largely resulted due to