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-4 section-9
Assertion (A): Business Economics is tool centrally facilitating decision making in business. Reason (R): It provides an analytical understanding of economic activities.
To produce a given level of output, a firm maximizes profits when the marginal rate of technical substitution is equal to the ratio of factor prices. This principle is known as
Shopping goods have which of the following features?
I. These products are generally durable in nature
II. Consumers generally compare the goods of various sellers and the buy such goods
III. Per unit price of these goods is generally high
IV. These goods are regularly and continuously in demand
V. These goods are sold as a result of aggressive promotional efforts
Choose the right answer from the options given below:
Assertion (A) Total utility will be maximum, when marginal utility to price of respective products are equal. Reason (R) Deviation from this situation leads to reduction in maximum utility.
