Eco3-11-20

Micro Economics Mock Test 
[1-10]  [11-20]  [21-30]

11.Under purely competitive conditions a firm's marginal revenue product:
is MPP * price
is MPP itself
Has nothing to do with MPP
can behave differently than MPP

12.“In a sense all rents are scarcity rents and all rents are differential rents” is said by:
Ricardo
Adam Smith
Marshall
K.E Boulding

13.Under a perfect market condition, a firm will be in equilibrium if:
MC=MR
MC cuts the MR from below
MC rises when it cuts the MR
All the above

14.Total utility is maximum at a point, marginal utility in that point is:
Positive
Zero
Negative
Positive but decreasing

15.Efficient allocation of resources is achieved to a greater extent under:
Monopoly
Perfect competition
Monopolistic competitiont
Oligopoly

16.Which of the following condition is met in the long run equilibrium in monopolistic competition, where the firm is earning only normal profits?
MC= AC
P = ATC
P = MR
P = MC

17.Which of the following condition is met in the long run equilibrium in monopolistic competition, where the firm is earning a loss?
P = ATC
P > ATC
P < ATC
P=MR

18.The supply curve for the short run competitive firm is the same as:
Marginal cost curve
Average variable cost curve
That part of the marginal cost curve which equals or is greater than AVC
Average total cost curve

19.Which of the following is not a U-shaped curve?
Marginal cost curve
Average cost curve
Fixed cost curve
variable cost curve

20.If the price of a goods A increases, demand for B increases then:
A and B are substitute goods
A and B are complementary goods
A is inferior to B
A is superior to B

This set of Questions are contributed by:

Mr. Bikash Ku. Mallick, Assistant Professor in Economics, Delhi University & Ex-student of FMU.





and the page is developed by our student:

Mr SHIBA SANKAR ADAK, 4th semester, ICT

Thank you Bikash & SHIBA !!!