Managerial Economics and Ethics MCQ - Managerial Economics Quiz

26 MU curve will be below X-axis when

A
MU is zero
B
MU is negative
C
MU is positive
D
MU is constant

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Correct AnswerOption B

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27 When the average product increases, the marginal product is

A
Less than the average product
B
Equal to the average Product
C
More than the average product
D
None of these

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Correct AnswerOption A

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28 If two goods are perfect substitutes for each other, it necessarily follows that

A
An indifference curve relating the two goods will be curvilinear
B
An indifference curve relating the two goods will be linear
C
An indifference curve relating the two goods will be divided into two segments which meet at a right angle
D
An indifference curve relating the two goods will be convex to the origin.

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Correct AnswerOption B

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29 In general, profit will be at a maximum where

A
MC = MR
B
MC < MR
C
MC > MR
D
MC = MR - 1

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Correct AnswerOption A

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30 "We are much better off when drawing purely imaginary indifference curves than we are when speaking of purely imaginary utility functions". This is remarked by

A
J. R. Hicks
B
Allen
C
Schumpeter
D
Paul A. Samuelson

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Correct AnswerOption C

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