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Home » ( Best 200+ ) Basics of Economics MCQ

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( Best 200+ ) Basics of Economics MCQ

by Mr. DJ 23/01/2022

Basics of Economics MCQ

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Basics of Economics MCQ

71. In which of the following market, advertisement is absent:

A. monopolistic competition

B. perfect competition

C. oligopoly

D. none of the above

Answer: –

C. oligopoly

72. ————– cost can never become zero.

A. variable cost

B. fixed cost

C. marginal cost

D. average cost

Answer: –

B. fixed cost

73. If a positively sloped linear supply curve crosses the quantity axis, the
elasticity of supply is:

A. inelastic

B. elastic

C. unitary elastic

D. perfectly elastic

Answer: –

A. inelastic

74. If a positively sloped linear supply curve passes through the origin, the
elasticity of supply is

A. inelastic

B. elastic

C. unitary elastic

D. perfectly elastic

Answer: –

C. unitary elasticAlso Read :-

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75. Average cost is the sum of AVC and

A. mc

B. tc

C. afc

D. atc

Answer: –

C. afc

76. The horizontal supply curve parallel to quantity axis represents

A. elastic supply

B. inelastic supply

C. perfectly elastic supply

D. perfectly inelastic supply

Answer: –

C. perfectly elastic supply

77. When output is zero, variable cost is ——–

A. maximum

B. minimum

C. infinity

D. zero

Answer: –

D. zero

78. Change in quantity supplied of a product can result from

A. changes in own price

B. changes in cost of production

C. change in technology

D. change in price of related products

Answer: –

A. changes in own price

79. At prices above the equilibrium price

A. quantity supplied exceeds quantity demanded

B. quantity demanded exceeds quantity supplied

C. there is shortage

D. all of the above is possible

Answer: –

A. quantity supplied exceeds quantity demanded

80. When MC cuts AC, AC is at its ————

A. maximum

B. minimum

C. zero

D. negative

Answer: –

B. minimum

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Mr. DJ

I Am Dinesh Jat ( Mr. DJ). Completed Mcom. And Currently Pursuing MBA. Interest In Writing Blogs And Spread knowledge To the People. I Want to Provide General Awareness With The People who Are preparing for competitive Exams At a place.