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MCQs

Total Questions : 874 | Page 7 of 88 pages
Question 61. Which of the following is not an essential condition of pure competition?
  1.    Large number of buyers and sellers
  2.    Homogeneous product
  3.    Freedom of entry
  4.    Absence of transport cost
 Discuss Question
Answer: Option D. -> Absence of transport cost
Question 62. In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
  1.    Price will fall
  2.    Price remains same
  3.    Price will rise
  4.    Quantity rises
 Discuss Question
Answer: Option C. -> Price will rise
Question 63. In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
  1.    Price will fall
  2.    Price remains same
  3.    Price will rise
  4.    Quantity rises
 Discuss Question
Answer: Option C. -> Price will rise
Question 64. If demand is inelastic, a change in the price
  1.    Will change the quantity in same direction
  2.    Will change total revenue in same direction
  3.    Will change total revenue in the opposite direction
  4.    Will not change total revenue
 Discuss Question
Answer: Option B. -> Will change total revenue in same direction
Question 65. Which one of the following pairs of commodities is an example of substitutes?
  1.    Tea and sugar
  2.    Tea and coffee
  3.    Pen and ink
  4.    Shirt and trousers
 Discuss Question
Answer: Option B. -> Tea and coffee
Question 66. Which one is the assumption of law of demand
  1.    Price of the commodity should not change
  2.    Quantity demanded should not change
  3.    Prices of substitutes should not change
  4.    Demand curve must be linear
 Discuss Question
Answer: Option C. -> Prices of substitutes should not change
Question 67. What is the shape of the demand curve faced by a firm under perfect competition?
  1.    Horizontal
  2.    Vertical
  3.    Positively sloped
  4.    Negatively sloped
 Discuss Question
Answer: Option A. -> Horizontal
Question 68. Ten rupees is the equilibrium price for good X. If government fixes the price at Rs.5, there is
  1.    A shortage
  2.    A surplus
  3.    Excess supply
  4.    Loss
 Discuss Question
Answer: Option A. -> A shortage
Question 69. A rise in supply and demand in equal proportion will result in
  1.    Increase in equilibrium price and equilibrium quantity
  2.    Decrease in equilibrium price and increase in equilibrium quantity
  3.    No change in equilibrium price and increase in equilibrium quantity
  4.    Increase in equilibrium price and no change in equilibrium quantity
 Discuss Question
Answer: Option C. -> No change in equilibrium price and increase in equilibrium quantity
Question 70. Zubair has a special taste for college canteen's hotdogs. The owner of the canteen doubles the prices of hotdogs. Zubair did not respond to the increase in prices and kept on demanding the same quantity of hotdogs. His demand for hotdogs is
  1.    Perfectly elastic
  2.    Perfectly inelastic
  3.    Elastic
  4.    Less elastic
 Discuss Question
Answer: Option B. -> Perfectly inelastic

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