Question # 1

A market is said to be in equilibrium when:

Demand equals output

There is downward pressure on price

The amount consumers wish to buy at the current price equals the amount producers wish to sell at that price

All buyers are able to find sellers willing to sell to them at the current price

A monopolistically competitive firm in the long run equilibrium:

Will make negative profit.

Will make zero profit.

Will make positive profit

Any of the given are possible.

In 2005-06, bajra was grown on 438 thousand hectares and its production in thousand tons was:

190

221

350

475

What was the difficulty in the barter System:

Excess of goods

Difference language

Lack of co-incidence

Difference in profession

In 2005-06 the share of chemicals was 9.08 percent and the share of electricals was:

4.6 percent

8.2 percent

11.78 percent

16.3 percent

To find the profit maximizing level of output, a firm finds the output level where:

Price equals marginal cost

Marginal revenue and average total cost

Price equals marginal revenue

None of the given options

NAT II Management Science Economy MCQs With Answers