Managerial Economics

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Each section contains 100 MCQs on Managerial Economics .

If more firms enter a competitive industry the theory predicts that

A) both marginal and average cost curves rise B) the industry, short run supply curves shift upwards to the right C) output of all firms increase D) price of the products rise

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

One would expect a firm to close down rather than continue producing in the short-period if

A) Variable costs were to fall below fixed costs B) Total revenue were less than total variable cost C) Total revenue were more than total variable cost D) Variable costs were to rise above fixed costs

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

The slope of the TVC or total cost curve indicates the

A) Average cost B) Marginal revenue C) Marginal cost D) Variable cost

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

It costs a firm 90 per unit to produce product A, and 60 per unit to produce B individually. If the firm can produce both products together at 160 per unit of product A and B, this exhibits signs of

A) economoes of scope B) diseconomies of scale C) diseconomies of scope D) economiles of scale

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

A table indicating various levels of demand at various prices is termed as

A) demand chart B) demand schedule C) demand table D) price table

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

If cross-elasticity of one commodity for another turns out to be zero, it means they are

A) Good complements B) Close substitutes C) Completely unrelated D) None of these

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Under monopoly, the supply curve is absent because

A) the monopolist always makes profit B) there is no entry for others C) equilibrium involves MC = MR and MC < P D) the monopolist controls the supply

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

In case the two commodities are good substitutes, cross-elasticity will be

A) Positive B) Negative C) Unitary D) Infinite

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

The formula for calculating arc elasticity is

A) $${e_a} = \frac{{{Q_1} - {Q_2}}}{{{Q_1} + {Q_2}}} + \frac{{{P_1} - {P_2}}}{{{P_1} + {P_2}}}$$ B) $${e_a} = \frac{{{Q_1} + {Q_2}}}{{{Q_1} - {Q_2}}} + \frac{{{P_1} + {P_2}}}{{{P_1} - {P_2}}}$$ C) $${e_a} = \frac{{{Q_1} - {Q_2}}}{{{P_1} - {P_2}}} + \frac{{{Q_1} - {Q_2}}}{{{P_1} + {P_2}}}$$ D) None of these

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Marginal product becomes negative

A) When total output grows swiftly B) When total output turns down C) In no circumstances D) When total output ceases to grow swiftly

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

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