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GK
GK Set-1
Economics
Micro Economics
100

Micro Economics MCQ (GK Set-1) with Answers

100) If a supply curve for a good is price elastic, then

the quantity supplied is sensitive to changes in the price of that good

the quantity demanded is insensitive to changes in the price of that good

the quantity demanded is sensitive to changes in the price of that good

the quantity supplied is insensitive to changes in the price of that good

Answer is:

the quantity supplied is sensitive to changes in the price of that good

Micro Economics MCQ (GK Set-1) with Answers

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Related Micro Economics MCQ (GK Set-1) with Answers

101) If a fisherman must sell all of his daily catch before it spoils for whatever price he is offered, once the fish are caught the fisherman’s price elasticity of supply for fresh fish is

zero

infinite

one

unable to be determined from this information

Answer is:

zero

102) A decrease in supply (shift to the left) will increase total revenue in that market if

demand is price inelastic

supply is price elastic

supply is price inelastic

demand is price elastic

Answer is:

demand is price inelastic

103) If an increase in the price of a good has no impact on the total revenue in that market, demand must be

price inelastic

unit price elastic

price elastic

all of these answers

Answer is:

unit price elastic

104) Technological improvements in agriculture that shift the supply of agricultural commodities to the right tend to

increase total revenue to farmers as a whole because the demand for food is elastic

increase total revenue to farmers as a whole because the demand for food is inelastic

reduce total revenue to farmers as a whole because the demand for food is elastic

reduce total revenue to farmers as a whole because the demand for food is inelastic.

Answer is:

reduce total revenue to farmers as a whole because the demand for food is inelastic.

Micro Economics MCQ (GK Set-1) with Answers

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