MCQOPTIONS
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MCQOPTIONS
This section includes 53 Mcqs, each offering curated multiple-choice questions to sharpen your Economics knowledge and support exam preparation. Choose a topic below to get started.
| 51. |
A form of industry structure characterized by a few firms, each large enough to influence market price is ? |
| A. | perfect competition |
| B. | monopolistic competition |
| C. | oligopoly |
| D. | monopoly |
| Answer» D. monopoly | |
| 52. |
A firm will shut down in the short run if ? |
| A. | fixed costs exceed revenues. |
| B. | it is suffering a loss. |
| C. | variable costs exceed revenues |
| D. | total costs exceed revenues |
| Answer» D. total costs exceed revenues | |
| 53. |
A firm in perfectly competitive industry is producing 50 units, its profit-maximising quantity. Industry price is £2 and total fixed costs and total variable cost are £25 and £40 respectively. The firm’s economic profit is ? |
| A. | £35 |
| B. | £15 |
| C. | £30 |
| D. | £60 |
| Answer» B. £15 | |