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Business Economics mcq questions and answers for competitive exams

Ramya_naidu

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Business Economics mcq questions and answers for competitive exams UPSC SSC , SSC CGL, SSC CHSL, upsc Civils , Entrance exams Online test practice online free Quiz, mock practice online
76.
Which of the following is true in a perfectly competitive market?

a
Marginal revenue is constant at all levels of output
b
Average revenue is constant at all levels of output
c
Total revenue rises continuously at a constant rate
d
All of the above
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77.
Duopoly means

a
Two monopoly firms
b
Two firms are independent as regards their price-output decisions
c
Two firms are interdependent as regards their price-output decisions
d
None of the above
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78.
What is the 'fundamental promise of Economics',

a
Natural resources will always be scarce
b
No matter what the circumstance individual choice always involve a trade off
c
Individuals choose the alternative for which they believed the net gains to be the greatest
d
Individuals are capable of establishing goals and acting in a manner consistent and achievement of those goals
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79.
Which one is not normally possible in case of monopoly?

a
MR = P
b
AC = AR
c
MC = MR
d
MR = AR
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80.
Under monopoly the supply curve is absent because

a
There is no entry for others
b
The monopolist always makes profit
c
The monopolist controls the supply
d
Equilibrium involves MC = MR and MC

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81.
The equilibrium level of output for the pure monopolist is where

a
P < AC
b
MR = MC
c
MR < MC
d
MR > MC
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82.
The upper portion of the kinked demand curve is relatively

a
Inelastic
b
Less elastic
c
More elastic
d
More inelastic
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83.
Other things remaining the same, when a consumer's income increases, his equilibrium point moves to

a
A lower indifference curve
b
A higher indifference curve
c
Remains unchanged on the same indifference curve
d
To the left-hand side on the same indifference curve
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84.
A monopoly producer usually earns

a
Only normal profits
b
Abnormal profits
c
Neither profits nor losses
d
Profits and losses which are uncertain
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85.
Which of the following is not a determinant of demand?

a
Elasticity of Demand
b
Prices of related goods
c
Income of the consumer
d
Price of the product itself
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86.
Under the perfect competition, the transportation cost

a
Excluded from the prime cost
b
Is considered to be negligible and thus, ignored
c
Is charged along with the price of the commodity
d
Is considered to be vital for the calculation of total cost
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87.
Monopoly equilibrium can be reached when

a
Marginal cost is rising
b
Marginal cost is falling
c
Marginal cost is remaining constant
d
All of the above
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88.
If price of any commodity decreased by 20 % and the demand for that commodity increased by 40 %, then elasticity of demand would be

a
Unit elastic
b
Highly elastic
c
Perfectly elastic
d
Perfectly inelastic
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89.
Which of the following statement is incorrect

a
Even monopolistic can earn loss
b
Firms in a perfectly competitive market are price taker
c
Kinked demand curve is related to an oligopolistic market
d
It is always beneficial for a firm in a perfectly competitive market to discriminate price
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90.
A market in which only two firms exist is

a
Duopoly
b
Oligopoly
c
Duopsony
d
Oligopsony
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