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GK Set-1
Economics
Micro Economics
89

Micro Economics MCQ (GK Set-1) with Answers

89) Which of the following would not lead to a decrease in the supply of a product that can be stored?

An increase in the demand for a joint product

A rise in the price of another input

A decrease in the number of firms supplying the product

An expected rise in the price of the product

Answer is:

An increase in the demand for a joint product

Micro Economics MCQ (GK Set-1) with Answers

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

90) Which of the following could not lead to an increase in price combined with an increase in the quantity traded?

An increase in demand combined with unchanged supply

An increase in demand combined with a decrease in supply

A decrease in demand combined with an increase in supply

An increase in demand combined with an increase in supply

Answer is:

A decrease in demand combined with an increase in supply

91) If the quantity demanded of a good is sensitive to a change in the price of that good, demand is said to be price inelastic

True

False

None

Both

Answer is:

True

92) choose the correct answer: 1.The price elasticity of demand is defined as the percentage change in the price of that good divided by the percentage change in quantity demanded of that good.

1-F,2-T,3-F

1-T,2-T,3-T

1-F,2-T,3-T

1-F,2-F,3-T

Answer is:

1-F,2-T,3-F

93) choose the correct answer: 1.If a demand curve is linear, the price elasticity of demand is constant along it. 2.The supply of cars for this week is likely to be more price inelastic than the supply of cars for this

1-F,2-T,3-F

1-T,2-T,3-T

1-F,2-T,3-T

1-F,2-F,3-T

Answer is:

1-F,2-T,3-T

Micro Economics MCQ (GK Set-1) with Answers

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