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Business Economics MCQ - Business Economics Practice Questions

26 In perfect competition, in the long run, there will be no

27 When the demand curve is rectangular hyperbola the elasticity of demand will be

28 Which of the following is a correct statement

A
The decrease in input prices causes a left word shift in the supply curve
B
The desire for a commodity-backed by ability and willingness to pay is demanded.
C
When income increases demand an essential good increase, more than proportionately.
D
The demand for a commodity is inversely related to the price of its substitutes.

29 The nature of Cross-price elasticity of demand in case of the complementary product will be

30 The theory of Revealed preference was propounded by

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Question:

In imperfect competition marginal revenue falls at __ than the fall in average revenue.

A. Half the rate
B. Twice the rate
C. Same rate
D. None of the above

Correct answer: B

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