Economics MCQ Questions and Solutions with Explanations | Commerce

A. the greater is the time under consideration

B. the greater is the number of substitutes available to buyers

C. the less expensive is the product in relation to incomes

D. All of the above

A. Convex

B. Concave

C. L-shaped

D. Vertical

A. the firms producing with excess capacity

B. the firms producing at their minimum cost

C. the firms producing at a cost higher than the minimum

D. some firms produce under low cost and others under high cost

A. Utility is measurable in terms of money

B. Utility is a price

C. There are substitute

D. None of the above

A. Only 1

B. Only 2

C. Both 1 and 2

D. Neither 1 nor 2

A. Law of origin

B. Law of increasing return

C. Law of diminishing return

D. None of these

A. opportunity cost

B. average variable cost

C. marginal cost

D. total cost

A. $$\frac{P}{e}$$

B. $$\frac{{P - MC}}{P}$$

C. $$\frac{{AR - MR}}{P}$$

D. $$\frac{{MC - P}}{P}$$

A. a-2, b-4, c-1, d-3

B. a-1, b-2, c-3, d-4

C. a-4, b-1, c-3, d-2

D. a-3, b-2, c-1, d-4

A. Henry Ford

B. Prof. Tomas

C. Prof. Terry

D. Prof. Dixie