Economics MCQs

A. Horizontal
B. Vertical
C. Downward sloping
D. Elastic

A. Price is greater than marginal cost
B. Price equals marginal cost
C. Price is less than marginal cost
D. None of the above

A. Output is maximized
B. Inputs are minimized
C. There is no way to make a given output using less of one input and no more of the other inputs
D. Costs are minimized

A. Short run marginal cost rises, output rises
B. Long run marginal cost rises, output rises
C. Short run average cost rises, output rises
D. Long run average cost rises, output rises

A. Efficient scale
B. Average efficient scale
C. Maximum efficient scale
D. Minimum efficient scale

A. Unique selling proposition
B. Underlying sales proposition
C. Unit sales point
D. Under sales procedure

A. Demand more price inelastic
B. Supply more price inelastic
C. Demand more income elastic
D. Supply more income elastic

A. Buyer power is high
B. Supplier power is high
C. Entry threat is low
D. Substitute threat is high

A. Marginal revenue = average revenue
B. Marginal revenue = marginal cost
C. Marginal revenue = average cost
D. Marginal revenue = total cost

A. Entire marginal cost curve
B. Upward-sloping portion of the average total cost curve
C. Portion of the marginal cost curve that lies above the average total cost curve
D. Upward-sloping portion of the average variable cost curve