Micro PYQ — Page 15

In the short run, some of the factors of production of a firm ......

The total revenue of a firm is increasing at a constant rate. Which of the following is true about this firm?

The tendency where marginal productivity first increases then starts falling is known as ______

The shape of the average product and marginal product curves are................... 1. Both Inverse 'U' Shaped 2. Both 'U' Shaped 3. AP 'U' Shaped and MP Inverse 'U' Shaped 4. MP 'U' Shaped and AP Inverse 'U' shaped

With the shifting demand curve leftward, arrange the following statement in sequential order. (A) At any given price, demand is less. (B) Excess supply will be there. (C) Some producers will decrease the prices of commodity. (D) At new equilibrium, quantity and price will be less. Choose the correct answer from the options given below:

Identify the factors of price elasticity of demand. (A) Nature of Goods. (B) Availability of Substitution. (C) Complementary Goods (D) Cost of Goods. Choose the correct answer from the options given below:

If the price of a commodity increases by 20%, its demand drops by 20%. Then how it will affect the expenditure?

What will be the average variable cost (AVC) for producing 200 vases?

Increase in the income of buyers (in case of inferior goods) will cause _________

Identify the correct sequence due to which firms under perfect competition earn normal profits in the long run. (A) The firms are earning less than normal profit at the prevailing price. (B) The profits of each firm will increase to the level of normal profit. (C) No more firm will want to leave, since they will be earning normal profit here. (D) Some firms will exit, which will lead to an increase in price. Choose the correct answer from the options given below:

What is the formula for the price elasticity of demand for a good?

What does break even point indicate?

suppose an individual with same working condition got three alternative job in his hand he has selected the best and need to forgone the next best alternative. Identify the indicated cost in the aforesaid statement.

Suppose in the long run, the government imposed a tax on the supply of a commodity. How does it affect the equilibrium quantity of commodity? 1. The quantity of commodity will decrease. 2. The quantity of commodity will increase. 3. The quantity of commodity will remain same. 4. The supply curve will shift rightwards which will decrease quantity of commodity.

Match List-I with List-II | List-I | List-II | |---|---| | (A) Price elasticity of demand will be equal to1 | (I) When expenditure increases with a rise in price. | | (B) Price elasticity of demand will be equal to 0 | (II) When expenditure decreases with a rise in price. | | (C) Price elasticity of demand will be more than 1 | (III) When the quantity demanded doesn't change with the change in price. | | (D) Price elasticity of demand will be less than1 | (IV) When expenditure doesn't change with the change in price. | Choose the correct answer from the options given below: 1. (A) - (I), (B) - (II), (C) - (III), (D) - (IV) 2. (A) - (III), (B) - (IV), (C) - (II), (D) - (I) 3. (A) - (IV), (B) - (III), (C) - (II), (D) - (I) 4. (A) - (IV), (B) - (III), (C) - (I), (D) - (II)

What would be the equilibrium number of firms in a market of identical firms, when market demand function $(Q_d)$, supply function of a single firm $(Q_s1)$ and equilibrium price (P) are given as $Q_d = 180 - 2P$ $Q_{s1} = 15 + P$ $P = 15$ 1. 5 2. 6 3. 8 4. 9

If the average fixed cost of production is the fixed cost per unit of output produced. Then it will _______.

Match List-I with List-II | Change in Demand or Supply | Effect on equilibrium price / equilibrium quantity | |---|---| | (A) Increase in demand > Increase in supply | (I) equilibrium price will rise but no change in equilibrium quantity. | | (B) Increase in supply when demand is perfectly inelastic | (II) No change in equilibrium price. | | (C) Same proportion of increase in demand and supply | (III) equilibrium price will fall but no change in equilibrium quantity. | | (D) Increase In demand when supply is perfectly inelastic | (IV) equilibrium price and quantity will rise. | Choose the correct answer from the options given below:

Delhi has become the most polluted city in India. Due to this, how will the production possibility curve of Delhi be affected?

Which of the following is NOT a condition for profit maximization of a perfectly competitive firm in the short run?

An institution which organizes the free interaction of individuals pursuing their respective economic activities, is known as...........

Marginal product (MP) and the average product (AP) curves are inverse 'U'-shaped. which of the following is correct for AP and MP.

If the government fixed maximum price of product below the market price then product will have?

In a perfectly competitive market choose the correct statement from the following. (A) Equilibrium occurs where market demand equals market supply. (B) Each firm employs labour upto the point where the marginal revenue of labour equals the wage rate. (C) Equilibrium price and quantity are determined when there is large number of firms. (D) Equilibrium price is always equal to minimum average cost of the firms. Choose the correct answer from the options given below: