Economics MCQ Questions and Solutions with Explanations | Commerce

A. Desire for the commodity

B. Means to purchase

C. Willingness to use those means for that purchase

D. All of the above

A. Flow concept

B. Stock concept

C. Both 'a' and 'b'

D. None of the above

A. Price is equal to AVC

B. Total revenue is equal to TVC

C. Total loss of the firm is equal to TFC

D. All of the above

A. Falls when the LMC curve falls

B. Rises when the LMC curve rises

C. Goes through the lowest point of the LMC curve

D. Falls when LMCLAC

A. Demand line

B. Price line

C. Supply line

D. None of the above

A. Positive income elasticity

B. Negative income elasticity

C. Fluctuating income elasticity

D. Zero income elasticity

A. Negative

B. Positive

C. Zero

D. Infinite

A. Its very high price

B. Its very low price

C. Large number of substitutes

D. None of the above

A. Price ratio between two commodities

B. Marginal rate of substitution

C. Factor substitution

D. Level of indifference

A. Marginal utility

B. Total utility

C. Consumers surplus

D. Producer surplus