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GK
GK Set-1
Economics
Micro Economics
59

Micro Economics MCQ (GK Set-1) with Answers

59) choose the correct option: 1.The market supply curve is the horizontal summation of the individual supply curves.

1-T,2-F,3-F

1-F,2-T,3-F

1-F,2-T,3-T

1-T,2-F,3-T

Answer is:

1-T,2-F,3-T

Micro Economics MCQ (GK Set-1) with Answers

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

60) choose the correct option:1.If Coke and Pepsi are substitutes, an increase in the price of Coke will cause an increase in the equilibrium price and quantity in the market for Pepsi. 2.An advance in the technology employed to manufacture rolle

1-T,2-F,3-F

1-F,2-T,3-F

1-T,2-T,3-F

1-T,2-F,3-T

Answer is:

1-T,2-T,3-F

61) A perfectly competitive market has

firms that set their own prices.

only one seller

at least a few sellers

many buyers and sellers.

Answer is:

many buyers and sellers.

62) If an increase in the price of blue jeans leads to a decrease in the demand for tennis shoes, then blue jeans and tennis shoes are

complements.

inferior goods.

normal goods

none of these answers

Answer is:

complements.

63) The law of demand states that an increase in the price of a good

increases the supply of that good

decreases the quantity demanded for that good along its demand curve

decreases the demand for that good.

increases the quantity supplied of that good along its supply curve

Answer is:

decreases the quantity demanded for that good along its demand curve

Micro Economics MCQ (GK Set-1) with Answers

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