||In case of perfect competition in the market
- A. marginal revenue curve always slopes upward
- B. marginal revenue curve always slopes downward
- C. marginal revenue is always equal to average revenue
- D. marginal revenue is always less than to average revenue
||All factors of productions are variable in the:
- A. Marked period
- B. Short period
- C. long period
- D. None of the three
||Demands and supply curves cross at
- A. always at 60 degree
- B. at 90 degree
- C. at equal angle
- D. at any angle
||Marginal revenue of a monopolist is
- A. equal to price
- B. greater than price
- C. less than price
- D. increases with output
||Which of the following saying describes diminishing marginal returns in the short run?
- A. When the cat is away, the mouse will play
- B. Too many cooks spoil the broth
- C. A rolling stone gathers no moss
- D. A stitch in time saves nine
||All non materials products which can satisfy human wants are called.
- A. Economic goods
- B. Services
- C. Non-economics goods
- D. Services
||Economic problems arises because of.
- A. Unlimited wants.
- B. Scarcity of resources.
- C. Alternative use of resources.
- D. All of the above
||When demand is perfectly inelastic, an increase in price will result in
- A. decrease in total revenue
- B. increase in total revenue
- C. no change in total revenue
- D. decrease in quantity demanded
||When MR = MC , a firm.
- A. Does not attain a equilibrium position
- B. Suffers from loss
- C. Attains its equilibrium position
- D. Attains profit
||The kind of market is undesirable
- A. general market
- B. specialized market
- C. local market
- D. monopoly market