NAT II Management Science Economy With Answers

NAT II Management Science Economy

Sr. # Questions Answers Choice
1 Price floor results in: All of the given options Excess supply. Equilibrium Excess demand
2 An increase in supply is shown by: Shifting the supply curve to the left Shifting the supply curve to the right Upward movement along the supply curve Downward movement along the supply curve
3 A good for which income and quantity demanded are inversely related is known as: Inferior good Complementary good Normal good None of the given options
4 The total cost (TC) function is given as: TC = 200 + 5Q. What is the fixed cost? 5Q 5 5 + (200/Q) 200
5 Which of the following is TRUE for a Giffen good? Its marginal utility is zero Its demand curve is perfectly elastic Its substitution effect is positive Its demand curve is positively sloped
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