Managerial Economics and Ethics MCQ - Managerial Economics Quiz

36 The marginal utility of a product is measured by

A
total cost.
B
average cost.
C
marginal cost.
D
price.

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Correct AnswerOption D

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37 A stable equilibrium position is one in which

A
There are only two forces influencing the equilibrium
B
There are never any departures from the equilibrium position
C
Any departure from the equilibrium position calls into play forces which tend to restore that position
D
There are endless oscillations

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Correct AnswerOption C

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38 Law of diminishing marginal utility states

A
Utility always diminishes whether something is consumed or not
B
Total utility diminishes with the consumption of every additional unit
C
Utility first increases and after that diminishes at every point
D
The additional benefit which a person derives from a given increase of his stock of a thing diminishes with every increase in the stock that he already has.

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Correct AnswerOption D

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39 Under perfect market and in case of decreasing marginal cost the firm's equilibrium with respect to the level of production

A
Cannot be achieved
B
Can be achieved after a high level of output
C
Can be achieved after a small level of output
D
Will result in run-away inflation

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Correct AnswerOption B

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40 Competition

A
Is discriminatory
B
Is 'Fair' if everybody has an equal chance of being selected
C
Is inevitable but has desirable forms that can be selected on an economic basis
D
Is desirable

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Correct AnswerOption B

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