1. Which of the following is the correct Statement
Under perfect competition, a firm determine its price where AR = IVIR
In a perfectly competitive industry, a firm is in equilibrium in the short run only when it is AC = AR = IVIR = MC.
The short-run supply curve has a negative slope
A firm is a price-taker under perfect competition.
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2. Which of the following is the best general definition of the study of economics
lnflation and employment in a growing economy.
The best way to invest in the stock market
Business decision making under foreign competition
Individual and social choice in the face of scarcity.
3. As per the indifference curve and price line, a consumer will not be in equilibrium when
Ratios of marginal utilities and price of the respective goods are equal
The ratio of marginal utilities of the two goods is equal to the ratio of their respective prices
The marginal rate of substitution is equal to the ratio of prices of the two goods.
The marginal rate of substitution is decreasing.
4. Opportunity cost means
Cost of a Homogeneous product
Cost of the Last unit
Cost of next best alternative
Cost of all units produced.
5. Price discrimination is profitable and possible of the two markets have
Equal Elasticity of Demand
Different Elasticity of Demand
High Elastic Demand
UGC NET PAPER 1
UGC NET Management
UGC NET COMPUTER SCIENCE
UGC NET COMMERCE
GATE COMPUTER SCIENCE
CFA Level 1
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