Classical

Managerial Economics - Managerial Economics Objective Type Questions

66:  

Which of the following market situations explains marginal cost equal to price for attaining equilibrium?

A.

Perfect competition

B.

Oligopoly

C.

Monopoly and imperfect competition

D.

Monopoly only

 
 

Option: A

Explanation :


67:  

Which of the following persons is engaged in "secondary production"?

(1) A bricklayer

(2) An automobile assembly-line worker

(3) An accountant

(4) A cinema projectionist

A.

1, 2, 3 and 4

B.

1 and 2 only

C.
D.

2 and 3 only

 
 

Option: B

Explanation :

1 only


68:  

The marginal utility of a product is measured by

A.

total cost.

B.

average cost.

C.

marginal cost.

D.

price.

 
 

Option: D

Explanation :


69:  

Which of the following does not have a uniform elasticity of demand at all points?

A.

A horizontal demand curve

B.

A vertical demand curve

C.

A rectangular hyperbola demand curve

D.

A downward sloping demand curve

 
 

Option: C

Explanation :


70:  

Consider the following demand schedule

Price per unit (Rs.)      Quantity demanded (000)

6                                                    3

5                                                    9

4                                                   15

3                                                   20

When price falls from Rs, 5 to Rs. 4, elasticity of demand can be expressed numerically as

A.

3.75

B.

2.5

C.

3.3

D.

1.0

 
 

Option: C

Explanation :




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