[{"id":148189,"question":"Welfare economics is the branch of economics which deals with:","choices":[{"text":"Positive issues","value":"A"},{"text":"Normative issues","value":"B"},{"text":"Micro issues","value":"C"},{"text":"Macro issues","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":148188,"question":"A firm is charging a different price for each unit purchased by a consumer.This is called:","choices":[{"text":"First-degree price discrimination","value":"A"},{"text":"Second-degree price discrimination","value":"B"},{"text":"Third-degree price discrimination","value":"C"},{"text":"None of the given options","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":148187,"question":"As compared to existing firms, a new firm entering in monopolist market has:","choices":[{"text":"High costs","value":"A"},{"text":"Low costs","value":"B"},{"text":"Equal costs","value":"C"},{"text":"None of the given options","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":148186,"question":"To find the profit maximizing level of output, a firm finds the output level where:","choices":[{"text":"Price equals marginal cost","value":"A"},{"text":"Marginal revenue and average total cost","value":"B"},{"text":"Price equals marginal revenue","value":"C"},{"text":"None of the given options","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":148184,"question":"The price elasticity of demand measures the responsiveness of quantity demanded to:","choices":[{"text":"Quantity demanded","value":"A"},{"text":"Quantity supplied","value":"B"},{"text":"Price","value":"C"},{"text":"Output","value":"D"},{"value":"E"}],"correctAnswer":3}]