Classical

Managerial Economics - Managerial Economics MCQ

76:  

The LAC curve is tangent to the lowest point on the SAC curves when the LAC curve is

A.

Rising

B.

Falling

C.

At its minimum

D.

None of these

 
 

Option: C

Explanation :


77:  

'Marginal utility approach' was finalised by

A.

A. C. Pigou

B.

Alfred Marshall

C.

J. S. Mill

D.

J. R. Hicks

 
 

Option: B

Explanation :


78:  

Under perfect competition, a firm will be in equilibrium when its AC is

A.

Covering only prime costs of production

B.

At a minimum

C.

At a maximum

D.

Covering wages and salaries only

 
 

Option: B

Explanation :


79:  

The imposition of a ceiling on a monopolist's price will affect his

A.

Equilibrium output only

B.

Average revenue in the short-run only

C.

Profits only

D.

Equilibrium output and profits

 
 

Option: D

Explanation :


80:  

In perfectly competitive market

A.

Firm is the price giver and the industry the price-taker

B.

Firm is the price-taker and industry the price giver

C.

Both are the price-takers

D.

None of these

 
 

Option: B

Explanation :




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