Classical

Business Economics - Business Economics Multiple Choice Questions

21:  

Opportunity cost means

A.

Cost of a Homogeneous product

B.

Cost of the Last unit

C.

Cost of next best alternative

D.

Cost of all units produced.

 
 

Option: C

Explanation :

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22:  
Price discrimination is profitable and possible of the two market have
A.

Equal Elasticity of Demand

B.

Different Elasticity of Demand

C.

Inelastic demand

D.

High Elastic Demand

 
 

Option: B

Explanation :

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23:  

What is the 'fundamental promise of Economics',

A.
Individuals are capable of establishing goals and acting in a manner consistent and achievement of those goals.
B.

Natural resources will always be scarce

C.
Individuals choose the alternative for which they believed the net gains to be the greatest
D.
No matter what the circumstance individual choice always involve a trade off.
 
 

Option: C

Explanation :

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24:  
When goods in the domestic market are sold at a high price in the foreign market at a low price, it is a situation of
A.

Dumping

B.

Perfect Competition

C.

Oligopoly

D.

Duopoly

 
 

Option: A

Explanation :

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25:  
A perfectly competitive firm attains equilibrium when
A.

AC = AR

B.

MR = MC

C.

MC = AC

D.

TC = TR

 
 

Option: B

Explanation :

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