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GK
GK Set-1
Economics
Micro Economics
221

Micro Economics MCQ (GK Set-1) with Answers

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

Micro Economics MCQ (GK Set-1) with Answers

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

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

224) Which of the following is not a characteristic of a competitive market?

All of these answers are characteristics of a competitive market.

There are many buyers and sellers in the market

The goods offered for sale are largely the same

Firms generate small but positive economic profits in the long run

Answer is:

Firms generate small but positive economic profits in the long run

225) Which of the following markets would most closely satisfy the requirements for a competitive market?

electricity

cable television

cola

milk

Answer is:

milk

Micro Economics MCQ (GK Set-1) with Answers

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