Economics MCQ Questions and Solutions with Explanations | Commerce

A. P = MC

B. MC = AC

C. MR = MC

D. All of the above

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

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

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

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

A. Price elasticity of demand will be equal to 1 at point A and less than 1 at point B

B. Price elasticity of demand will be greater than 1 at point A and equal to 1 at point B

C. Price elasticity of demand will be less than 1 at point A and greater than 1 at point B

D. Price elasticity of demand will be greater than 1 at point A and less than 1 at point B

A. e > 1

B. e = 0

C. e = ∞

D. e < 1

A. The nature of an inferior good

B. The law of demand

C. The law of supply

D. A change in supply

A. If both supply and demand are elastic

B. If both supply and demand are not elastic

C. If demand is inelastic but supply is elastic

D. If demand is elastic but supply is inelastic

A. Transfer pricing

B. Going Rate pricing

C. Product bundling

D. Full cost pricing

A. a result of increase in the size of the family

B. a result of change in taste

C. a function of price alone

D. none of these

A. trust

B. cartel

C. joint-Stock company

D. pure monopoly

A. National income

B. Expenses

C. Foreign aid

D. Savings