(A) ease of entry
(B) many sellers
(C) many buyers
(D) perfectly elastic supply curve
The answer is: (C) many buyers
Economics MCQs quiz test questions with answers. Basic economics, microeconomics, macroeconomics, managerial economics and world economy multiple choice questions and answers.
(A) ease of entry
(B) many sellers
(C) many buyers
(D) perfectly elastic supply curve
The answer is: (C) many buyers
(A) equal to
(B) greater than
(C) less than
(D) related to
The answer is: (B) greater than
I. income effect
II. substitution effect
(A) I only
(B) II only
(C) I or II
(D) I and II
The answer is: (D) I and II
(A) Law of upward-sloping demand
(B) Law of downward-sloping demand
(C) shifts in demand
(D) In-equilibrium of supply and demand
The answer is: (C) shifts in demand
(A) lowers, raises
(B) raises, lowers
(C) lowers, lowers
(D) raises, raises
The answer is: (A) lowers, raises
(A) zero, positive, negative
(B) zero, negative, positive
(C) positive, negative, zero
(D) positive, zero, negative
The answer is: (D) positive, zero, negative
Marginal revenue (MR) is positive when demand is elastic, zero when demand is unit-elastic, and negative when demand is inelastic.
(A) Demand
(B) Different Supply
(C) Similar Supply
(D) None of these
The answer is: (B) Different Supply
(A) Per capita calories intake
(B) Income of the family
(C) Housing and clothing facilities
The answer is: (B) Income of the family
(A) level of income
(B) rate of interest
(C) supply of money
The answer is: (A) level of income