Economics - Study Mode

[#611] A monopolized market is in long-run equilibrium when
Correct Answer

(C) Production takes place where long-run marginal cost is equal to marginal revenue, and the price is not below the long-run average cost

[#612] Match the following. List-I (Consumer Goods) List-II (Effect on Sale) a. Essential goods 1. Less than proportionate change in sale b. Comforts 2. Almost proportionate change in sale c. Luxuries 3. More than proportionate increase in sale d. Prestige goods 4. Increase in sale
Correct Answer

(A) a-1, b-2, c-3, d-4

[#613] If price of any commodity decreases by 20% and the demand for that commodity increases by 40%, then elasticity of demand would be
Correct Answer

(D) highly elastic

[#614] In the figure given below is shown the determination of price in the
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(B) market period

[#615] A consumer attains equilibrium at a point on the indifference curve where
Correct Answer

(A) $$MR{S_{xy}} = frac{{{P_x}}}{{{P_y}}}$$