Top 350+ Solved Micro economics 2 MCQ Questions Answer
Q. Long run equilibrium price is also called:
a. Normal price
b. Abnormal price
c. Market price
d. Just price
Q. Under perfect competition:
a. AR and MR are identical
b. AR is greater than MR
c. MR is lower than AR
d. None of these
Q. The point at which the firm covers its variable cost is called:
a. Point of Inflexion
b. Equilibrium
c. Shut down
d. None of these
Q. The equilibrium price in the short period is called:
a. Normal price
b. Abnormal price
c. Market price
d. Bogus price
Q. Competition “among the few” is often called as:
a. Duopoly
b. Perfect competition
c. Bilateral monopoly
d. Oligopoly
Q. The equilibrium point in game theory is called:
a. Prisoner’s dilemma
b. Break-even point
c. Saddle point
d. Shut down point
Q. Equilibrium in the Cournot Model of Duopoly is:
a. Unstable
b. Stable
c. Undefinable
d. None of these
Q. The book ‘Theory of Monopolistic Competition’ is written by:
a. J.Robinson
b. J.M. Keynes
c. Adam Smith
d. E. Chamberlin
Q. ‘ The Economics of Imperfect Competition’ is written by;
a. J.Robinson
b. J.M. Keynes
c. Adam Smith
d. E. Chamberlin
Q. ‘Production of commodities by means of commodities’ is relatedto:
a. Karl Marx
b. Kaldor
c. Steedman
d. Piero Sraffa