Fybcom sem1
Elements of economic
MCQS = UNIT 3 & 4
1. Which one of the following is correct sentence?
a) Average cost is average fixed cost divided by total units of output
b) Average cost is total cost divided by total units of output.
c) Average cost is total fixed cost divided by total units of output.
d) Average cost is total variable cost divided by total units of output.
2. Dominant firm is a
a) Price follower
b) Quantity follower
c) Sales follower
d) Revenue follower
3. Kinked demand curve is the features of:
a) Monopoly
b) Perfect competition
c) Oligopoly
d) Duopoly
4. Relationship between Marginal revenue and Average Revenue under Perfect Competition is:
a) Equal to
b) Downward
c) Upward
d) None of the above
5. Which of the following is not the cost-oriented pricing method?
a) Customary pricing
b) Full-cost pricing
c) Marginal-cost pricing
d) Rate of return pricing
6. Long-run Average Cost move upward because of:
a) Diseconomies of Scale
b) Diseconomies of Scope
c) Economies of Scale
d) Economies of Scope
7. Dominant firm is also known as:
a) Small firm
b) Partial Monopoly
c)Full Monopoly
d) Price follower
8. Which one of the following is the features of Oligopoly?
a) large number of buyers and Single seller
b) large number of buyers and sellers
c) large number of buyers and Small sellers
d) large number of buyers and Few sellers
9. Price leadership may arise due to:
a) Cost advantage
b) Substantial market share
c) One firm acts as a barometer
d) All the above
10. Which one of the following is not the types of costs?
a) Imputed costs
b) Disputed costs
c) Traceable costs
d) Overhead costs
11. Which of the following is not the objective of Kotler?
a) Market penetration
b) Market skimming
c) Maximization of profits
d) Early cash recovery
12. Which of the following is not a policy of Pricing for a Rate of Return?
a) a constant percentage mark-up over costs.
b) a constant return on variable costs.
c) a constant percentage of total sales.
d) a constant return on invested capital.
13. Monopolistic competition is the combination of:
a) Perfect competition and monopoly
b) Perfect competition oligopoly
c) Imperfect competition and monopoly
d) Imperfect competition and oligopoly
14. Which of the following is the Imperfect Competition?
a) Monopoly
b) Oligopoly
c) Monopolistic competition
d) All of the Above
15. A barometric price leader is:
a) Low-cost firm
b) Powerful firm
c)Large firm
d) Good forecaster
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