Economics MCQ Questions and Solutions with Explanations | Commerce

A. Perfect competition

B. Monopolistic competition

C. Monopoly

D. Oligopoly

A. They substitute current purchases for future purchases of perishable goods

B. Stockpiling will happen when products are durable

C. The position of the demand will not change

D. The demand for automobiles today will not change

A. The TPP starts falling

B. The MPP starts falling

C. The APP starts falling

D. The MPP becomes equal to APP

A. $$\frac{{{Q_1} - {Q_0}}}{{{P_1} - {P_0}}} \times \frac{{{P_1} + {P_0}}}{{{Q_1} + {Q_0}}}$$

B. $$\frac{{\Delta Q}}{{\Delta P}} \times \frac{P}{Q}$$

C. $$\frac{{dQ}}{{dP}} \times \frac{P}{Q}$$

D. $$\frac{{\frac{{\Delta P}}{P}}}{{\frac{{\Delta Q}}{Q}}}$$

A. elastic

B. inelastic

C. unity

D. None of these

A. Dumping

B. Perfect competition

C. Oligopoly

D. Duopoly

A. negative and increasing

B. negative and declining

C. positive and increasing

D. positive and declining

A. implicit cost

B. explicit cost

C. real cost

D. opportunity cost

A. NNP + Direct taxes

B. NNP + Exports

C. NNP + Indirect taxes

D. NNP + Depreciation

A. price varies directly with quantity demanded

B. marginal utility diminishes as price rises

C. there will be a fewer purchases at a higher price than at a lower price

D. income is fixed and so total expenditure on the commodity is limited