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Objective Questions
GK
GK Set-1
Economics
Micro Economics
219

Micro Economics MCQ (GK Set-1) with Answers

219) The efficient scale of production is the quantity of output that minimizes

average fixed cost

average total cost

average variable cost

marginal cost

Answer is:

average total cost

Micro Economics MCQ (GK Set-1) with Answers

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

220) Which of the following statements is true?

All costs are fixed in the short run

All costs are variable in the long run

All costs are variable in the short run

All costs are fixed in the long run

Answer is:

All costs are variable in the long run

221) choose the correct answer:1.The only requirement for a market to be perfectly competitive is for the market to have many buyers and sellers. 2.For a compe

1-F,2-T,3-T

1-T,2-T,3-T

1-F,2-F,3-T

1-F,2-F,3-F

Answer is:

1-F,2-T,3-T

222) choose the correct answer:1.A firm maximizes profit when it produces output up to the point where marginal cost equals marginal revenue. 2.If marginal cost exceeds m

1-T,2-F,3-T

1-T,2-T,3-T

1-F,2-F,3-T

1-F,2-F,3-F

Answer is:

1-T,2-F,3-T

223) choose the correct answer:1.In the short run, the market supply curve for a good is the sum of the quantities supplied by each firm at each price. 2.In t

1-T,2-T,3-T,4-T

1-T,2-T,3-F,4-F

1-F,2-F,3-T,4-T

1-F,2-F,3-F,4-F

Answer is:

1-T,2-T,3-T,4-T

Micro Economics MCQ (GK Set-1) with Answers

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