Top 250+ Solved Managerial Economics 1 MCQ Questions Answer
Q. .………… means an attempt to determine the factors affecting the demand of acommodity or service and to measure such factors and their influences
a. demand planning
b. demand forecasting
c. demand analysis
d. demand estimation
Q. .………… is known as the ‘first law in market”
a. law of supply
b. law of consumption
c. law of demand
d. law of production
Q. Law of demand shows the functional relationship between _______ and quantitydemanded
a. supply
b. cost
c. price
d. requirements
Q. Basic assumptions of law of demand include
a. prices of other goods should change.
b. there should be substitute for the commodity.
c. the commodity should not confer any distinction.
d. the demand for the commodity should not be continuous
Q. Generally demand curve have …………
a. negative slope
b. positive slope
c. horizontal line
d. vertical line
Q. The change in demand due to change in price only, where other factors remainingconstant, it is called……….
a. shift in demand
b. extension of demand
c. contraction of demand
d. both extension and contraction
Q. When the quantity demanded of a commodity rises due to a fall in price, it is called
a. extension
b. upward shift
c. downward shift
d. contraction
Q. When the quantity demanded falls due to a rise in price, it is called
a. extension
b. upward shift
c. downward shift
d. contraction
Q. The Giffen goods are ………. Goods
a. inferior goods
b. superior goods
c. related goods
d. same goods
Q. Higher the price of certain luxurious articles, higher will be the demand, this concept iscalled
a. giffen effects
b. veblen effects
c. demonstration effects
d. both b & c above
Q. Demand for milk, sugar, tea for making tea, is an example of
a. composite demand
b. derivative demand
c. joint demand
d. direct demand
Q. Perfect elasticity is known as
a. finite elastic
b. infinite elastic
c. unitary elastic
d. zero elastic
Q. In the case of perfect elasticity, the demand curve is
a. vertical
b. horizontal
c. flat
d. steep
Q. In a perfectly competitive market, individual firm
a. cannot influence the price of its product
b. can influence the price of its product
c. can fix the price of its product
d. can influence the market force