Micro Economics MCQ (GK Set-1) with Answers

the marginal cost of providing ice cream cones increases as more cones are produced.

as the price of ice cream cones increases, the production technology is upgraded.

as the price increases, the opportunity cost of making ice cream cones decreases

all of the above

an increase in the price of watches

a decrease in the price of watch batteries if watch batteries and watches are complements

a decrease in consumer incomes if watches are a normal good

a decrease in the price of watches

an advance in the technology used to manufacture watches

an increase in the price of watches.

a decrease in the wage of workers employed to manufacture watches

manufacturers’ expectation of lower watch prices in the future.

there is a surplus (i.e. an excess supply) and the price will rise

there is a shortage (i.e. an excess demand) and the price will rise

the quantity demanded is equal to the quantity supplied and the price remains unchanged.

there is a surplus (i.e. an excess supply) and the price will fall.

there is a shortage (i.e. an excess demand) and the price will rise.

the quantity demanded is equal to the quantity supplied and the price remains unchanged.

there is a shortage (i.e. an excess demand) and the price will fall.

there is a surplus (i.e. an excess supply) and the price will rise