Economics MCQ Questions and Solutions with Explanations | Commerce

A. Short run

B. Long run

C. Never

D. Always

A. computers deciding what consumers want

B. direction by the Government

C. the pattern of consumer's spending

D. the independent decisions of entre-preneurs

A. P = 6 and Q = 9

B. P = 5 and Q = 2

C. P = 4 and Q = 4

D. P = 3 and Q = 6

A. it is very expensive

B. it has alternative uses

C. it has a number of close substitutes

D. None of the above

A. Adam Smith

B. Marshall

C. R. C. Devis

D. Harold Smidy

A. Demand curve for compact disc players to shift rightward faster than the supply curve of compact disc players shifted rightward

B. Supply curve of compact disc players to shift rightward faster than the demand curve for compact disc players shifted rightward

C. Demand curve for compact disc players to shift leftward and supply curve of compact disc players to shift leftward

D. Supply curve of compact disc players to shift rightward and the demand curve for compact disc players to shift leftward

A. The technology of the firm

B. The quantum of falls

C. The type of leaves

D. All of these

A. Monopolistic competition

B. Perfect competition

C. Monopoly

D. Oligopoly

A. The price set is greater than the average cost

B. The price is less than the marginal cost

C. The average revenue equals the marginal cost

D. Revenue equals total cost

A. Shift the supply curve of gloves leftward

B. Shift the demand curve for gloves rightward

C. Shift the demand curve for gloves leftward

D. Shift the supply curve of gloves rightward