( Best 200+ ) Basics of Economics MCQ

by Mr. DJ

Basics of Economics MCQ

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Basics of Economics MCQ

Basics of Economics MCQ

61. If a small change in price leads to infinitely large change in quantity
demanded, then the demand is:

A. perfectly elastic

B. perfectly inelastic

C. elastic

D. inelastic

62. Net addition to total utility when one more unit is consumed is:

A. au

B. mu

C. mc

D. tu

63. Most important determinant of demand is :

A. income

B. wealth

C. price

D. advertisement

64. Which of the following is the reason for law of demand:

A. price effect

B. backlash effect

C. income effect

D. real balance effect

65. Net addition to total cost is called:

A. marginal cost

B. average cost

C. fixed cost

D. variable cost

66. The market equilibrium for a commodity is determined by :

A. market demand

B. market supply

C. balancing of the forces of demand and supply

D. any of the above

67. When there are only few sellers of the commodity, the market is called:

A. monopoly

B. duopoly

C. oligopoly

D. monopsony

68. If the supply curve of the commodity is having a positive slope, a rise in
the price of the commodity, results in:

A. increase in supply

B. increase in quantity supplied

C. decrease in supply

D. decrease in quantity supplied

69. From the position of stable equilibrium, the market supply of a commodity
decreases, while the market demand remains unchanged, then:

A. equilibrium price falls

B. equilibrium quantity rises

C. both equilibrium price and equilibrium quantity decreases

D. equilibrium price rises, but equilibrium quantity falls

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