Economics - Practice Test | ExamPrepSheets

(A) Both (A) and (R) are true

(B) (A) is true, but (R) is false

(C) (A) is false, but (R) is true

(D) Both (A) and (R) are false

(A) Both (A) and (R) are true

(A) In inferior goods, the income and substitution effects are negative

(B) In inferior goods, the income and substitution effects are positive

(C) In case of inferior goods, the income effect is negative although the substitution effect is positive

(D) In case of inferior goods, the income effect is positive although the substitution effect is negative

(C) In case of inferior goods, the income effect is negative although the substitution effect is positive

(A) AR curve is horizontal straight line parallel to X-axis

(B) MR curve is equal to AR curve

(C) MR curve is higher than AR curve

(D) MR curve depends upon the elasticity of AR curve

(D) MR curve depends upon the elasticity of AR curve

(A) External and internal economies

(B) External and internal diseconomies

(C) External economics and internal diseconomies

(D) All of the above

(A) External and internal economies

(A) the rising portion of the marginal cost curve lying above the minimum point of the average variable cost curve

(B) the falling portion of the marginal cost curve lying before the minimum point of the average variable cost curve

(C) the rising portion of the marginal cost curve after the highest point of total cost curve

(D) None of the above

(A) the rising portion of the marginal cost curve lying above the minimum point of the average variable cost curve

Economics - Study Mode