Business Economics - Business Economics Section 1

Avatto > > CS foundation > > PRACTICE QUESTIONS > > Business Economics > > Business Economics Section 1

16. In a monopoly, the relationship between average revenue and marginal revenue curves is as follows:

A
Average revenue curve lies above the MR-curve
B
AR curve lies below the MR-curve
C
AR curve coincides with the MR-curve
D
AR curve is parallel to the MR-curve

Answer
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Option : A
Explanation :

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17. An indifference curve is always

A
Concave to the origin
B
Convex to the origin
C
A vertical straight line
D
A horizontal straight line

Answer
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Option :
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18. Monopolistic competition constitutes

A
The single firm producing close substitutes
B
Many firms producing close substitutes
C
Many firms producing a differentiated product
D
None of these

Answer
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Option : C
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19. In the case of monopolistic competition

A
The long-run supply curve can be defined
B
The long-run supply curve can't be defined
C
The short-run supply curve can't be defined
D
The short-run supply curve can be defined

Answer
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Option : C
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20. The firm under perfect competition will be in short-run equilibrium when

A
Rising marginal cost is equal to the minimum average cost
B
Marginal revenue is equal to rising marginal cost
C
Average revenue is equal to the average cost
D
Marginal revenue is equal to the falling marginal cost

Answer
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Option : B
Explanation :

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