Economics MCQ Questions and Solutions with Explanations | Commerce

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91.
Marginal cost line intersects the average cost curve

A. From top to bottom at the lowest point

B. Lowest point from the bottom

C. Both A and B

D. None of these

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92.
What kinds of actions can be taken to put the rivals at a disadvantageous position under oligopoly market?

A. Commitments

B. Threats

C. Promises

D. All the above

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93.
The elasticity of demand is on the basis of which of the following factor?

A. Range of substitute available

B. Joint demand

C. Proportion of income spent on the commodity

D. All of the above

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94.
One of the following is a feature of perfect market structure

A. Entry barriers

B. Interdependence

C. Absence of selling costs

D. Non-price competition

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95.
The fundamental economic problem being faced is one of

A. difference in the living standard of the people

B. decision-making by the government

C. multiplicity of wants and scarcity of resources

D. shortage of labour

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96.
If the individual firm's demand curve is coincident with the market demand curve then

A. firm is a price-taker

B. firm is a monopolist

C. firm can set any price it wants without limitation

D. marginal revenue is equal to average revenue

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97.
An isoquant is . . . . . . . . to an iso-cost line at an equilibrium point.

A. Convex

B. Concave

C. Tangent

D. Perpendicular

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98.
The demand function is a statement of the relationship between

A. quantity of factors of production

B. quantity of product demanded and all the factors that affect this quantity

C. quantity demanded and profit

D. product demand and cost of output

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99.
The marginal cost is equal to the average variable cost when

A. Equal to; average total cost is minimized

B. Less than; total cost is minimized

C. Greater than; average fixed cost is minimized

D. Average variable cost is minimized

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100.
The total value of goods and services produced within the country during a year is called

A. GDP

B. GNP

C. NNP

D. NDP

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Economics MCQ Questions and Solutions with Explanations | Commerce

91. Marginal cost line intersects the average cost curve

Answer & Solution

92. What kinds of actions can be taken to put the rivals at a disadvantageous position under oligopoly market?

Answer & Solution

93. The elasticity of demand is on the basis of which of the following factor?

Answer & Solution

94. One of the following is a feature of perfect market structure

Answer & Solution

95. The fundamental economic problem being faced is one of

Answer & Solution

96. If the individual firm's demand curve is coincident with the market demand curve then

Answer & Solution

97. An isoquant is . . . . . . . . to an iso-cost line at an equilibrium point.

Answer & Solution

98. The demand function is a statement of the relationship between

Answer & Solution

99. The marginal cost is equal to the average variable cost when

Answer & Solution

100. The total value of goods and services produced within the country during a year is called

Answer & Solution

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91.
Marginal cost line intersects the average cost curve

92.
What kinds of actions can be taken to put the rivals at a disadvantageous position under oligopoly market?

93.
The elasticity of demand is on the basis of which of the following factor?

94.
One of the following is a feature of perfect market structure

95.
The fundamental economic problem being faced is one of

96.
If the individual firm's demand curve is coincident with the market demand curve then

97.
An isoquant is . . . . . . . . to an iso-cost line at an equilibrium point.

98.
The demand function is a statement of the relationship between

99.
The marginal cost is equal to the average variable cost when

100.
The total value of goods and services produced within the country during a year is called