Business Economics MCQ - Business Economics MCQ

6 Price effect in indifference curve analysis arises

A
When the consumer becomes either better off or worse off because price change is not compensated by income change.
B
When the consumer is betler off due to a change in income and price
C
When income and price change
D
None of the above

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Correct AnswerOption A

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7 A situation where there is only one buyer is called

A
Monopoly
B
Oligopoly
C
Monopsony
D
Perfect competition

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Correct AnswerOption C

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8 Elasticity of demand measures the

A
Sensitivity of sales to changes in a particular causal factor
B
Sensitivity of production to changes in a particular cost
C
Value of price and cost
D
Volume of product

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Correct AnswerOption A

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9 Factors responsible for creating conditions for emergence and growth of monopoly are

A
Control over strategic raw materials
B
Patents
C
Licensing
D
All of the above

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Correct AnswerOption D

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10 In the case of an inferior good, the income effect

A
Partially offsets the substitution effect
B
Is equal to the substitution effect
C
Reinforces the substitution effect
D
More than offsets the substitution effect

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Correct AnswerOption A

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