Micro Economics MCQ (GK Set-1) with Answers

Micro Economics MCQ (GK Set-1) with Answers

56) choose the correct option: 1. A perfectly competitive market consists of products that are all slightly different from one another. 2. In a

Answer is:

1-F,2-T,3-F

57) choose the correct option: 1.If apples and oranges are substitutes, an increase in the price of apples will decrease the demand for oranges.

Answer is:

1-F,2-T,3-T

58) choose the correct option:1.The law of supply states that an increase in the price of a good increases the quantity supplied of that good along its supply curve. 2.An increase in the price of stee

Answer is:

1-T,2-F,3-F

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

Answer is:

1-T,2-F,3-T

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

Answer is:

1-T,2-T,3-F

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