Economics MCQs

Page No. 347

Which of the following is consistent with the law of supply ?


a As the price of calculators rise, the quantity supplied of calculators decreases, ceteris paribus.


b As the price of calculators calls the supply of calculators increases, ceteris paribus.


c As the price of calculators rise, the quantity supplied of calculators increases, ceteris paribus


dAs the price of calculators rise, the supply of calculators increases ceteris paribus.



If the demand for coffee decreases as income decreases, coffee is ?


aan inferior good


ba normal good


ca complementary good


da substitute good


View Answer a normal good

When the decrease in the price of one good causes the demand for another good to decrease, the goods are_________?


acomplements


bsubstitutes


c inferior


dnromal


View Answer substitutes

The quantity demanded of Pepsi has decreased. The best explanation for this is that ?


aPepsi’s advertising is not as effective as in the past .


bThe price of Coca Cola has increased,


cPepsi consumers had an increase in income.


dThe price of Pepsi increased



The Setrite Corporation produce chairs. An economist working for the firm predicts that if people’s incomes rise next year, then the demand for our chairs will for our chairs will increase ceteris paribus The accuracy of the economist’s prediction depends on whether the chairs Setrite Produce ?


a have few substitutes.


bare normal goods


c have few complementary goods.


dhave many complementary goods.


View Answer are normal goods

If both marginal cost and marginal revenue increase, a firm ?


aShould increase output


b Should reduce output


cwill require further information on how to respond


d Should not change output



A firm that breaks even after all economic costs are paid is earning ?


aEconomic profit


bAccounting profit


c Normal profit


dSupernormal profit


View Answer Normal profit

If a firm wage costs increase this will cause __________ and __________?


amarginal cost to increase, output to fall


b marginal revenue to increase output to fall


c opportunity cost to increase the firm will close


daverage cost will rise output will increase ____ output and an upward shift in marginal revenue ____ output



Profits are maximized when ?


acosts are minimized


brevenue is maximized


caverage cost is less than average revenue


dmarginal cost equals marginal revenue



The increase in total cost when one more unit is produced is known as ?


amarginal cost


bopportunity cost


climited cost


d average cost


View Answer average cost

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