Explore topic-wise MCQs in Economics Mcqs.

Market equilibrium exists when _________ at the prevailing price?

If a 4% increase in price leads to a increase in the quantity supplied of 8% ?

If the quantity demanded of beef increases by 5% when the price of chicken increase by 20% the cross-price elasticity of demand between beef and chicken is ?

Increased level consumption ?

Marginal revenue is the ________ when output is __________?

A measurement showing how quantity demanded varies with income is the ?

A firm that makes profit in addition to normal profit is making ?

An upward shift in marginal cost _____ output and an upward shift in marginal revenue ______ output?

The opportunity cost of a student is____________?

Firms are assumed to ________ costs and to ________ profits?

If your income doubles and the prices of the goods you buy double then your demand for these goods will likely?

The extra utility from consuming one more unit of a good is called ?

If a product is an inferior good ?

The income effect of a price increase of a normal good is to ________ of that good and the substitution effect is to _________ of that good?

If both marginal cost and marginal revenue increase, a firm ?

The price elasticity of demand measures ?

A firm that breaks even after all economic costs are paid is earning ?

Profits are maximized when ?

If a firm wage costs increase this will cause __________ and __________?

Inferior goods have _________ and luxury goods have _________?

Adding up the quantities demanded of a good by different people facing the same price gives us the ?

The increase in total cost when one more unit is produced is known as ?

The price elasticity of demand is a negative number this means ?

Economics assumes that people consume goods and services to achieve ?

Positive cross elasticities suggest that goods are ____ and negative cross-elasticities that goods are ?

A movement along the demand curve to the left may be caused by ?

If the cross elasticity of demand is -2 ?

The price decrease from Rs 2,000 to Rs 1,800 Quantity demanded per year increases 5000 to 6000 units. Which of the following is correct ?

An increase in price all other things unchanged leads to ?

When the market operates without interference, price increases will distribute what is available to those who are willing and able to pay the most. This process is known as ?

An increase in income should ?

According to the law of diminishing utility ?

The price elasticity of supply is +4 The price increases by 15% sales were originally 200 units What will they be now ?

A fall in price ?

Aggregate demand will increase if ?

Improved training of employees would ?

Which of the following would increase aggregate demand ?

Which of the following is consistent with the law of supply ?

An increase in productivity should ?

An increase in the costs of production will ?

If the demand for coffee decreases as income decreases, coffee is ?

A supply curve that starts at the origin has ?

The price of burgers increase by 22% and the quantity of burgers demanded falls by 25% This indicates that demand for burgers is ?

The price of apples falls by 5% and quantity demanded increases by 6% This means that demand is ?

An increase in aggregate demand if aggregate supply is totally inelastic will ?

When excess demand occurs in an unregulated market, there is a tendency for ?

The quantity demanded of Pepsi has decreased. The best explanation for this is that ?

When the decrease in the price of one good causes the demand for another good to decrease, the goods are_________?

if demand is price inelastic ?

If the cross-price elasticity of demand between two goods is negative, then the two goods are ?