Classical

Managerial Economics - Managerial Economics Multiple Choice Questions

21:  

The period of time in which the plant capacity can be varied is known as

A.

The market period

B.

The short period

C.

The long period

D.

None of the above

 
 

Option: C

Explanation :

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22:  

Arc elasticity gives a better measure of point elasticity of a curvilinear demand curve as

A.

The curvature of the demand curve over the arc becomes less

B.

The size of the arc becomes smaller

C.

Both of the above

D.

Neither of the above

 
 

Option: C

Explanation :

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23:  

"Production" may be defined as an act of

A.

Creating utility

B.

Destroying utility

C.

Earning profit

D.

Providing services

 
 

Option: A

Explanation :

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24:  

All the points on a budget line represent

A.

Decreasing total expenditure

B.

Increasing total expenditure

C.

The same total expenditure

D.

None of the above

 
 

Option: B

Explanation :

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25:  

A rise in the price of a commodity will generally call forth a bigger supply and this will be brought about partly by existing firms expanding their output and partly by

A.

The discovery of new sources of raw materials

B.

New firms being attracted into the industry

C.

The general expansion of the market

D.

Changes in the general level of consumer's incomes

 
 

Option: B

Explanation :

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