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What Microeconomics is about? Study of Business Environment. Study of financial position of the economy. Study of the Economy at Micro Level. None of the
- What Microeconomics is about?
- Study of Business Environment.
- Study of financial position of the economy.
- Study of the Economy at Micro Level.
- None of the above.
- Law of Demand states that:
- With the increase in price, quantity increases.
- With the increase in price, quantity decreases other things remaining the same.
- Quantity does not change with any increase in price.
- All of the above.
- The Slope of the Indifference Curve indicates:
- Marginal Rate of Substitution of x for y.
- Prices of x and y.
- Slope of the budget line.
- Change in prices.
- Production Functions Shows:
- Prices of input and output.
- Relationship between output and input.
- Various combinations of inputs.
- All of the above.
- The shape of the Total Fixed Cost (TFC) Curve is:
- Vertical
- Horizontal
- 45-degree line.
- None of the above.
- While in Perfect Competition:
- Firms are price taker.
- Buyers are independent.
- Input prices are given.
- None of the above.
- Model of Monopolistic Competition (i.e Imperfect competition) is characterized by:
- Homogeneous goods.
- Differentiated goods.
- Substitute Goods.
- All of the above.
- A monopoly is a form of market where there is:
- Large number of buyers.
- Small number of buyers
- A single firm controlling the market.
- Any of the above.
- In Duopoly, there is/are:
- Many firms.
- Two firms controlling the Market.
- Large corporations.
- None of the above.
- Price discrimination is a situation when a producer:
- Charges different prices in different markets.
- Charges same price.
- Charges many prices.
- All of the above.
PRODUCTION AND POSSIBILITY CURVE
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