Q.1
It describes the law of supply
Q.2
Marginal revenue is always less than price at all levels of output in
Q.3
What does price elasticity of demand measure?
Q.4
The elasticity of substitution between two perfect substitutions is
Q.5
Discriminating monopoly implies that the monopolist charges different prices for its commodity
Q.6
The situation of monopolistic competition is created by
Q.7
The major difference between perfect competition and monopolistic competition is
Q.8
If price and total revenue move in the same direction, then demand is
Q.9
When price elasticity of demand for normal goods is calculated, the value is always
Q.10
If the demand for a commodity is inelastic, an increase in its pice will cause the total expenditure of the consumers of the commodity to
Q.11
In which form of the market structure is the degree of control over the price of its product by a firm very large?
Q.12
A firm under perfect competition is
Q.13
If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then the demand curve for the commodity will be
Q.14
Which of the following is NOT a characteristic of perfect competition?
Q.15
When marginal revenue is zero, total revenue is
Q.16
Which one is not a assumption of the theory of demand based on analysis of indifference curves?
Q.17
Price discrimination will be profitable only if the elasticity of demand in different markets into which the total market has been divided is
Q.18
Which one of the following is the condition of equilibrium for the monopolist?
Q.19
In case of monopoly
Q.20
The elasticity of demand of durable goods is
Q.21
In the case of an inferior good, the income elasticity of demand is
Q.22
In case of perfect competition in the market
Q.23
Which of the following markets comes closest to perfect market?
Q.24
Mr. Raees Ahamd bought 50 litres of petrol when his monthly income was Rs.25000. Now his monthly income has risen to Rs.50,000 and he purchases 100 litres of petrol. His income elasticity of demand for petrol is
Q.25
Income elasticity of demand for normal goods is always
Q.26
Which is the other name that is given to the average revenue curve?
Q.27
Demand is a function of
Q.28
The budget line is also known as the
Q.29
In the case of a straight-line demand curve meeting the two axes, the price-elasticity of demand at the mid-point of the line would be
Q.30
Which is the first-order condition for the profit of a firm to be maximum?
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