(A) High
(B) Low
(C) Moderate
(D) Completely inelastic
Category: Economics Mcqs
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Omlet and cakes have:
(A) Negative cross price elasticity of demand
(B) Positive cross elasticity of demand;
(C) Positive income elasticity of demand
(D) Negative income elasticity of demand
Price elasticity demand of product will be more elastic if it:
(A) Has no substitutes
(B) Has number of substitutes
(C) Is an item of necessity;
(D) Is life saving Product
Marginal cost curve is:
(A) Positively sloped
(B) Negatively sloped
(C) Parallel to X axis
(D) Parallel to Y axis
Long run supply curve of a increasing cost industry is:
(A) Horizontal line overlapping X axis
(B) Upward sloping line
(C) Downward sloping line
(D) Vertical line
Total variable cost curve is explained by:
(A) Law of the diminishing marginal returns
(B) The price of the variable inputs
(C) Production function
(D) All the three
Variable cost is also known as:
(A) Incremental cost
(B) Marginal cost
(C) Differential cost
(D) All the three
Marginal cost is defined as…………………….?
(A) Change in total cost due to addition of one unit
(B) Total cost divided by additional unit;
(C) Total cost divided by total units produced
(D) Total sales / Total production