Economics MCQ Questions and Solutions with Explanations | Commerce

A. Only 1

B. Only 2

C. Both 1 and 2

D. Neither 1 nor 2

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

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

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

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

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

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

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

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

A. Adam Smith

B. Piguo

C. Marshall

D. Ricardo

A. Price = Marginal cost

B. Marginal revenue = Marginal cost

C. Marginal revenue = Marginal cost = Price

D. None of the above

A. 2

B. 4

C. 6

D. 8

A. 25

B. 40

C. 50

D. 60

A. cannot be estimated

B. decreases as price falls

C. increases as price falls

D. remains constant at every price

A. A past cost that cannot recover

B. An opportunity cost

C. The cost of drilling certain types of well for water

D. A cost that is highly relevant for decision-making

A. maximise the sales/profit

B. share the consumer's surplus

C. increase the welfare of masses

D. reduce the welfare of masses