| 21 |
If demand for a good is perfectly inelastic, its demand curve is: |
Economics/Business Economics
Price elasticity of demand |
Easy |
| 22 |
Demand for necessities such as salt is generally: |
Economics/Business Economics
Price elasticity of demand |
Easy |
| 23 |
Price of a good rises from ₹10 to ₹12 and quantity demanded falls from 50 to 40 units. What is the price elas… |
Economics/Business Economics
Price elasticity of demand |
Medium |
| 24 |
The price of a good falls but total expenditure on it remains unchanged. Demand is: |
Economics/Business Economics
Price elasticity of demand |
Medium |
| 25 |
The demand function is q = 20 − 2p. What is the price elasticity of demand (absolute value) at p = ₹6? |
Economics/Business Economics
Price elasticity of demand |
Hard |
| 26 |
In the long run, a firm can: |
Economics/Business Economics
Production function |
Easy |
| 27 |
Total product of labour is at its maximum when marginal product of labour is: |
Economics/Business Economics
Production function |
Easy |
| 28 |
TP of labour for 1, 2, 3 and 4 workers is 10, 24, 36 and 44 units. What is the average product of labour when… |
Economics/Business Economics
Production function |
Medium |
| 29 |
When marginal product of labour is greater than average product, average product is: |
Economics/Business Economics
Production function |
Medium |
| 30 |
A firm doubles all its inputs and its output rises by 150%. This shows: |
Economics/Business Economics
Production function |
Hard |
| 31 |
Which of the following is a fixed cost for a firm in the short run? |
Economics/Business Economics
Cost concepts |
Easy |
| 32 |
The average fixed cost curve has the shape of a: |
Economics/Business Economics
Cost concepts |
Easy |
| 33 |
A firm's TC at outputs 0, 1, 2 and 3 is ₹60, ₹90, ₹110 and ₹140. What is AVC at 2 units of output? |
Economics/Business Economics
Cost concepts |
Medium |
| 34 |
The marginal cost curve cuts the average cost curve at: |
Economics/Business Economics
Cost concepts |
Medium |
| 35 |
Average cost of producing 10 units is ₹20 and of producing 11 units is ₹21. What is the marginal cost of the … |
Economics/Business Economics
Cost concepts |
Hard |
| 36 |
Average revenue of a firm is always equal to: |
Economics/Business Economics
Revenue concepts |
Easy |
| 37 |
For a firm in perfect competition, the total revenue curve is: |
Economics/Business Economics
Revenue concepts |
Easy |
| 38 |
A firm can sell 5 units at ₹20 each or 6 units at ₹19 each. What is the marginal revenue of the 6th unit? |
Economics/Business Economics
Revenue concepts |
Medium |
| 39 |
When marginal revenue is zero, total revenue is: |
Economics/Business Economics
Revenue concepts |
Medium |
| 40 |
A firm's average revenue is AR = 50 − 2Q. What is marginal revenue at Q = 10? |
Economics/Business Economics
Revenue concepts |
Hard |